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Milk Prices Skyrocket Higher


Ag markets added risk premium on Monday as hot weather, a war, and aggressive buyers press forward. Corn surged 32 cents/bu in the December contract settling out at $5.6825, the highest price since June 27th. Soybeans gained 23 cents in new crop with settlements coming in at $14.24/bu. November did print a new one year high of $14.35/bu. Soybean meal added $3-$4/ton on Monday as well. Wheat markets soared higher as war tensions continue. All three complexes ranged from 50-60 cents stronger.


Class III milk continued its aggressive rally trading limit higher in August, September, October, and November. Expanded limits will be present in Tuesday's session as a result. December and first half 2024 advanced 38 - 67 cents as well running Q1 2024 futures average up to $18.78/cwt. 2nd quarter 2024 settled at $18.62. Class IV tagged along for the ride firming up 25-65 cents in 2023. Q1 2024 was up big as well.


By KNOW YOUR MARKET

July 24, 2023

dairyherd.com

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