Milk Prices A Mixed Bag
Milk prices were a mixed bag on Wednesday as product markets failed to support the early surge in prices. At the close, March settled just 4 cents higher to $15.31 per cwt. despite being 20 cents higher earlier on.
April closed 14 cents higher at $15.17 cents and May was up 5 cents. The March contract has now risen 90 cents since February 19th. Beyond May the market wasn’t buying the move higher. June through December lost 2-6 cents per cwt. March-June settled Wednesday at $15.37 cents per cwt. The second half ended at $16.30.
Class IV markets had similar results. April through September ranged from 4 cents lower to 5 cents higher. October and November added 10 and 11 cents respectively and December fell 3. March-June average for Class IV closed Wednesday at $16.13 and the second half settled at $16.78 per cwt. Spot products were active in the dry whey and Grade A nonfat dry milk markets.
Whey traded 11 loads and 1 and a quarter cent higher to 36 cents per lb. while dry milk was up a half cent to 99 cents per lb. Eleven trades took place. Butter lost a half cent to $2.26 per lb. on three bids. Blocks and barrels were both unchanged at $1.61 and $1.41, respectively.