Butter | Butter Continues to Trend Higher

Butter continues its trend higher, climbing 5.50 cents to $1.55/lb in the CME Cash Dairy Product Trade. Blocks gained 2.75 cents to $1.5375/lb.

Barrels fell 1.25 cents on 13 trades to $1.4125/lb. Grade A Nonfat Milk and Dry Whey both declined ¼ of a penny.

March class III milk futures was the sole month to print green, adding 8 to $16.36/cwt. February remained even at $15.62/cwt. April through December was neutral to 14 cents lower on the day. Class IV saw May gain 1 to $14.94. Low volume continues as we await more news on the dairy donation program and new crop butter coming to the CME on March 1st.

Grains bounced higher on the Thursday overnight session after the USDA released their 2021 Agricultural Outlook Forum. The market views 2021 ending stocks remaining relatively tight if we see yield issues here in the U.S. The markets could not sustain the early gains, however. December corn set a new contract high at $4.6650, settling up ¾ of a penny to $4.60/bushel. November soybeans rose 9.75 cents to $11.9625. March soybean meal receded $1.60 to $424.30/ton. March Chicago Wheat had a disappointing close to $6.5075, down 11.75 cents after showing early strength.

Fats and Feeders saw gains while lean hogs took a step back. February live cattle added 80 cents to $115.92/cwt. March feeders rallied 92 cents to $139.12/cwt. April lean hogs declined 42 cents to $84.50/cwt. March crude oil slid $1.55 to $58.97/barrel.

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