Friday milk markets finish a bounce back week with a bang. Prior to the release of the USDA Dairy Products report, the CME spot trade and futures kept the momentum moving higher.
CME Spot trade saw butter bounce back 10 ½ cents higher to $2.77 ¼, Cheese was unchanged with Cheddar Blocks at $2.01 and Barrels at $1.97 ½. Grade A Non Fat Dry milk also gained back 2 cents to $1.40 and Dry Whey jumped up a 1 ½ cent to $0.46 3/4/lb.
Class III Milk gained a penny in November to $20.88, but December rocketed up 48 cents to $20.35 and January gained 30 to $19.75/cwt.
Class IV milk Also boomeranged back higher. November gained 36 cents to $22.66/cwt, December up 65 to $21.47, and January gained 54 cents to $20.49/cwt.
USDA Dairy products report showed that Milk flow for September continues to go into Cheese. Total cheese production was 0.4% higher than last year at 1.139 billion lbs. Mozzerella climbed 4% year over year to 384.7 million lbs. This offset the move lower by American style cheese, producing 2.6% less than last year. Whey production came with the higher cheese production, Dry Whey for human consumption was 5.3% year over year.
Butter production declined by 1.4% over prior year’s levels in September to 141.6 million pounds. Fellow Class IV product, Non Fat Dry milk and skim Milk posder production also declined 13.9% from last year at 182.2 million pounds and Skim milk down 12.1% from August, but up 5.5% from the prior year.
With Ever.Ag this is Jenny Wackershauser on Know your Markets
By KNOW YOUR MARKET
November 4, 2022
dairyherd.com
