Milk Markets Make a Comeback in April
The first week of April continues the steady climb Class III has had since mid-March. April finished Friday 5 cents higher at $15.86/cwt and May up 6 at $15.77. Second half average came in at $16.40, topping off a slow 20 cent climb in the last two weeks.
Class IV milk was up 8-14 cents in nearby months. May finishing Friday at $16.22 and June at $16.55/cwt driven by the 1 ½ cent move in Butter during the CME Spot Product Trade. Butter ended the day at $2.27/lb but had no loads trading hands. The weekly average for Butter came in at $2.25 ½ off a penny from last week’s average.
Cheddar Blocks and barrels had mixed results Friday. Blocks were unchanged on 1 trade and ended the week averaging $1.65 ½ per lb. 3 cents below last week’s average. Barrels gained a half cent to close at $1.57 ½ / lb. This is also the average for this week’s trade and came in 1 cent below last week’s trade average. The Block/barrel spread is holding at 7 ½ cents.
Dairy powders were quiet on Friday, no loads traded for either Non Fat Dry Milk or Dry Whey. Non Fat Dry milk was unchanged at $0.98 ¾, but gained a penny in its weekly average at $0.98/lb. Dry Whey was up ¼ cent on 6 bids during Friday’s trading to finish at $0.34 1/2/lb and had a weekly average up 1 cent from last week at just slightly under .34 even.
Have a great weekend as we all start to finally experience some spring type weather in the Midwest.
For Commodity Risk Management Group, this is Jenny Wackershauser on Know your markets.