The T.C. Jacoby Weekly Market Report Week Ending June 9, 2023
The Midwest is awash in milk, and many dairy producers have been forced to dump milk that could not find a home. Cheesemakers say they are taking all they can, but the spot milk market is still “sloppy,” with more loads trading at steeper discounts.
Dairy producers are bracing themselves for a very small May milk check. The futures promise meager revenues for June and July as well. Class III milk prices took another small step back this week. An 18ȼ decline pushed June Class III down to an unpalatable $15.11 per cwt., and the July contract suffered its first weekly close below $16, settling today at $15.97, down 17ȼ from last Friday. Most deferred Class III contracts posted modest losses, but the September contract managed to climb 3ȼ to $17.79. Class IV futures moved decisively lower, with most contracts finishing 20 to 30ȼ in the red. But Class IV values are much easier to stomach, ranging from $18 to $19.04 per cwt.
June 12, 2023
dairybusiness.com
