Milk Price Futures Gain Some Ground
Despite a weaker CME spot dairy market on Monday, futures performed well. August 2022 milk added 5 cents to a settlement value of $20.46/cwt while September gained 19 cents to $20.50/cwt, respectively. Q4 2022 and Q1 2023 performed the best as prices ranged in Q4 from 32 to 36 stronger while Q1 was up 16 - 37 higher.
Block cheese suffered a 3.25 cent decline while barrels were off 0.75 cent/lb. Blocks ended at $1.8475 and barrels $1.88/lb. Butter fell a quarter cent to $2.9875/lb. Whey and nonfat were both unchanged at $0.445/lb and $1.64/lb, respectively.
Grains struggled Monday on an update to the forecast adding more rain as well as the first ship carrying grain leaving Ukraine in quite some time. Corn lost a dime with a settlement of $6.10/bu while the wheat complex lost 5-9 cents/bu. Soybeans declined 62 cents in the new crop price and ended at $14.06. The meal market suffered a $8-$19/ton hit.
August 1, 2022