MILK PRICES OFF TO A BUMPY START
This was slightly beneath what futures expectations were showing coming into today. Skim Milk Powder gained 1.4% to $1.62/lb. Whole Milk Powder added 5.6% to $1.64/lb. Cheddar Cheese was up 0.8% to $2.29/lb. Butter tacked on 3.2% to $2.44/lb.
Dairy Products were mixed on Tuesday in the CME spot dairy auction. Butter settled at $3.12/lb with zero loads trading. Block cheese fell half a penny to $1.76/lb. Barrel cheese rose 1.75 cents to $1.8750/lb. Whey dropped 2 cents to $0.4450/lb. Nonfat milk increased 1.75 cents to $1.5375/lb.
Class III milk futures ended the trading day mixed. October milk added 3 cents to $19.97/cwt. November milk fell 9 cents to $20.60/cwt. Class IV milk futures traded higher on the day. Q4 2022 class IV milk futures were 23-42 cents higher.
In the grain market, December corn had a strong close, jumping 10.25 cents higher to $6.76/bu. November soybeans slid beneath $14.00/bu to $13.9875/bu. December soybean meal dropped $10.90 to $406.80/ton.
The livestock sector was higher on the day. October live cattle tacked on 50 cents to $145.05/cwt. October feeder cattle pushed $1.15 higher to $186.10/cwt. October lean hogs was up $1.07 to $91.10/cwt. October crude oil declined 18 cents to $86.69/barrel.
September 7, 2022