Butter gained 5.5 cents/lb as four loads were exchanged from seller to buyer. Butter settled at $2.78/lb. Whey added a penny on a single load trading with the settlement price at $0.78/lb. Non-fat dry milk prices grew by 3.5 cents to $1.85 with 3 trades. Barrels lost a half cent on an offer while blocks fell 4 cents to $1.88/lb, 4 transactions took place.
The CME Spot Dairy Auction followed this morning’s Global Dairy Trade (GDT) Event. The overall index was up a healthy amount and products to note included Skim Milk Powder jumping 5% to $1.80/lb. Whole Milk Powder did a touch better turning in a $1.85/lb price, up 5.6%. Cheddar closed at $2.52/lb, +1.1%. Butter rose 4.9% to $2.79/lb.
Class III milk saw February get hit with a 46-cent daily loss while all others closed in the green. Milk futures between February and October all begin with a $21 or higher price at Tuesday’s close. Class IV markets had another solid day of trade adding 10-35 cents/cwt in the February through July 2022 time period.
Grains put together a mixed day as wheat jumped 27 cents in all three markets pulling corn up 3 cents along with it. Soybeans lost 9 cents while meal was off $15/ton on the spot price.
