Economic - Markets

Milk Prices Gain Momentum

Dairy markets found some strength in the Class III space to wrap up the week. August rose 24 cents to $20.37/cwt. September led the charge higher adding 48 cents while Q4 2022 ranged from 31-38 cents stronger. Q1 2023 was up double digits as well. Class IV markets declined in the Q4 period 9-20 cents/cwt.

CME spot product markets watched block cheese rise 3 cents on Friday to $1.88/lb, 1 uncovered bid and offer were left hanging. Barrels jumped 4.25 cents to $1.8875/lb. Butter traded 3.5 cents on 6 loads exchanging hands with settlement printed at $2.99/lb. Whey was unchanged. Grade A nonfat dry milk lost 1.5 cents/lb.

The grain complex watched early strength evaporate later in the session for both corn and wheat. Corn gained a penny on Dec to $6.20/bu. Wheat ranged from 2-22 lower. Soybeans rallied 28 cents while the meal contract was around even.

Source: Collect

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