Limit Up Moves Across Dairy Markets
We saw limit moves on multiple fronts in the dairy market on Monday. Following last week’s announcement of another round of government purchases as well as awarding the first round of boxed food donations, the CME spot trade rocketed higher and pulled milk along.
Cheese saw Cheddar blocks gain 8 ¼ cents to $1.38 ¾, with 1 load trading, 4 bids and no offers, Cheddar barrels gained 3 cents to $1.30 per lb. with 3 trades, 3 bids and no offers. Butter also jumped higher – gaining 6 ¼ cents to $1.35 ¼ on 5 loads trading hands, 12 bids, and 3 offers.
Milk powders also saw big gains. Grade A nonfat dry milk was 3 ¼ cents higher to $0.85 ¾ with 18 loads moving, 4 bids and 2 offers. Dry whey gained half a penny to $0.40 ¼ per lb. with 3 loads moving, 3 bids and 2 offers.
Class III milk saw May move 16 higher to $11.71, Jun- September moved limit higher with June finishing at $14.43, July at $15.45 and second half is averaging at $16.26.
Class IV milk saw May gain 7 to $10.29, June gained 28 to $11.58 and July gained 56 cents to $12.66 per cwt.