Milk Price Futures Hover Around $18.50 for the Remainder of 2023
CME spot dairy auction prices were pretty quiet to start the week on Monday. Whey and nonfat dry milk were the lone products to trade with whey moving a single load and nonfat had four. Whey increased a half cent to $0.285/lb. All other products were unchanged. Butter closed at $2.67/lb, blocks at $1.945/lb, barrels at $1.800/lb, and nonfat at $1.105/lb, respectively.
Class III and IV markets were quite as well. September through December 2023 Class III milk futures ranged from 7-12 cents lower with the last four months of the year averaging around $18.50/cwt. Q1 2024 was mixed with January a dime higher and March down twelve. Class IV saw just October trade which ended 8 cents stronger.
August 28, 2023