Economic - Markets

Milk Prices Hit a Home Run

Milk markets rallied on Monday and closed the majority of Class III months 29-56 cents higher between July and December 2022. While the spot dairy product auction was relatively quiet from a cheese and whey perspective, Cooperatives Working Together (CWT) announced dairy product export sales of 3.1 million pounds. American-type cheese sales were placed at 2.5 million pounds while cream cheese printed 604,000 pounds. Product is set for delivery from June through December 2022. 2023 Class III added 5-28 cents out through September. Class IV was also higher on the day as markets were 3-28 cents higher in 2022 and slightly higher in 2023.

CME product markets saw butter pace the market following Friday's surprise on the Dairy Products report showed production lower than analyst guesses. Butter added 4.25 cents/lb as four trades exchanged hands. Blocks gained a penny to $2.28/lb. Barrels were unchanged at $2.245/lb. Grade A nonfat dry milk was up three-quarters of a cent. Whey was unchanged at $0.5575/lb.

The grain complex was lifted by the wheat trade on Monday. Wheat gainedback 52 cents in Chicago, 48 in Kansas City, and 36 cents in Minneapolis. Corn moved double digits higher with new crop December at $7.02/bu. Soybeans were 1-6 stronger and meal was up $1/ton.

Source: Collect

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Economic - Markets

Milk Prices Hit a Home Run

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