Class III Milk Overcomes Earlier Weakness
The Class III dairy space brought back some premium on Thursday that was lost earlier in the week. Milk futures jumped double digits between February and September 2020 ranging from 16-24 higher. Fourth quarter was up as well. The February to June average stands today at $17.74 per cwt and the second half ended at $17.88 per cwt. Class IV milk failed to fare as well. Class IV milk futures lost 7-21 cents February to June and ended with a $17.26 settlement.
The CME spot dairy auction closed with butter markets adding 3 ¼ cents per lb. to $1.80 ¾, 9 loads moved from seller to buyer. Neither blocks or barrels traded but both did have on unfilled offer. Both Cheddar markets ended Wednesday’s session unchanged at $1.92 in the block market and $1.59 in the barrel market respectively. Grade A nonfat dry milk fat moved 7 loads and a quarter cent lower to $1.26 and ¾ per lb. Dry whey gained another penny on a single transaction moving to 38.5 per lb. The grain complex lost 2 cents in corn and soybeans. Wheat softened 6-10 cents as well