CME spot dairy product markets traded steady to higher on Monday. Whey gained a penny to $0.4350/lb. Block cheese was also up a penny on bids and closed at $1.8725/lb. Barrel cheese ended unchanged despite three trades taking place. Butter performed the best as it jumped 2.25 cents/lb to $2.435. Non-fat dry milk settled unchanged at $1.265/lb.
Class III milk futures settlements were all over the board Monday. February and March were 1-2 cents lower while May and June added 8 and 13 cents, respectively. 2nd half results ranged from a nickel lower in September to a penny stronger in October. The Class III second half average now stands at $19.95/cwt. Class IV closed Monday 15-20 cents higher across the board in 2023.
Grain markets were also stronger to start the week. Corn was up 4 cents to $6.85/bu. Soybeans added 6 cents in new crop and meal gained another $5/ton. The wheat complex ranged from a half cent lower to 6 centers stronger.
February 13, 2023