CME spot dairy auction values found a little support to end the week on Friday. Butter paced products as prices gained 3.75 cents/lb and ended at $1.775 with two loads trading. Cheddar blocks followed closely behind increasing 2 cents to $1.72/lb on bids. Barrel cheese also added value rising a quarter cent to $1.4625/lb. Whey and Grade A nonfat dry milk ended unchanged at $0.6275/lb and $1.17/lb, respectively.
Class III values saw double digit gains for the second day in a row. Second quarter 2021 ranged from 20-28 cents/cwt stronger while second half was 2-16 higher. 2022 months lost a few cents Friday, however. Class IV settlements were also higher despite limited trade. Many months were up 10-20 cents/cwt.
In other markets, corn prices strengthened 6 cents in old crop but just a penny in the new crop. Soybeans lost 7-13 cents/bu while meal added 1-2 bucks/ton. The wheat complex was mainly unchanged. Next week the market will learn of USDA’s Prospective Plantings report on Wednesday. The average guess is 93.2 million acres of corn and 89.9 million acres of soybeans.
