Milk Markets Move Higher Wednesday
Green retuned to milk on Wednesday as Class III and IV moved higher. Class III milk saw April gain 5 to $13.69, May gained 14 to $11.18 and June gained 14 cents to $12.33. Second half saw 1-8 higher and is averaging at $15.09/cwt.
Class IV milk also slid higher. April was unchanged at $11.57, May gained 9 to $10.69, and June gained 18 to $11.23. Second half months gained 6-30 cents to have class 4 averaging $12.68/cwt.
The CME spot trade didn’t see much for gains in pricing, but had nice volumes. Butter traded 19 loads and fell 1 cent to $1.14/lb, Cheddar blocks fell a penny to $1.00 even with 4 loads trading hands, 3 bids and 2 offers. Cheddar barrels gained 2 ¼ cents to $1.03 ¼ / lb with 17 loads moving, 2 bid and no offers. Our block/barrel spread has moved from even to inverted with barrels 3 ¼ cents higher.
Powders continue to be stable Grade A nonfat dry milk was unchanged at $0.85/lb with 2 loads moving, Dry whey unchanged at $0.35 ½ cents with no loads trading hands, 2 bids and 1 offer.
Feed and grain markets continue to slide lower as worries over the livestock, dairy and ethanol industries can maintain the demand needed. May corn fell 6 ¾ cents to $3.19 ¼, soybeans fell 5 to $8.42 even though soybean meal gained 4.70 to $292.20/ton.