Milk Prices Gain More Momentum
Spot product markets kicked off this week in a firmer tone. Barrel cheese led the pack adding 6 cents at $1.9475/lb. Butter closed 5 cents stronger at a value of $2.985/lb. Block cheese rose 4.5 cents to $1.89/lb with 3-5 trades transpiring in all three products. Whey and nonfat dry milk ended unchanged at $0.445 and $1.5175/lb, respectively.
Class III milk futures performed well on Monday. September added 55 cents/cwt with the settlement reaching $20.35. Q4 2022 strengthened 41-45 cents/cwt. Q1 2023 was up 20-51 cents. Beyond Q1 markets were also up double digits. Class IV markets ended mainly unchanged.
Grain markets were lower on Monday. Corn declined 14 cents to a new crop settlement of $6.28/bu. Soybeans dropped 40 cents while meal was off $12/ton. Wheat ranged from 3-9 cents lower.
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August 15, 2022