Milk Markets Inch Slightly Higher This Week
The dairy market exhibited a two-sided trade to close out this week. After beginning Friday morning’s session 10 cents higher, January gave back its gains around the CME spot session only to close out around 15 cents stronger. February through May months added 2-13 cents. Class IV markets were slightly higher as well. Low volumes were seen all week in Class III and IV markets with the holidays falling midweek.
CME spot product markets were mixed to close out this week. Cheddar blocks added 3 cents following 6 trades and closed out at $1.83 per lb. Barrel cheese headed the opposite way and lost 3 cents to settle at $1.60 per lb. 10 loads moved from seller to buyer. Butter ended a half cent higher to $2.03 ½ per lb. Grade A nonfat dry milk lost a half cent and closed at $1.23 ¼. Dry whey added ¾ of a cent and finished at 31.5 cents per lb. For the week barrels moved the most volume as 25 loads exchanged hands and the average barrel price traded increased 5 cents per lb. compared to the week prior.
Grain prices closed with corn up 1.5 cents to $3.90 per bu. in March, soybeans lost 8 cents in January, and the wheat complex ranged from 6 to 9 cents stronger.