Class III | Class III Struggles to Hold on to Small Gains

A sleeper of a week in Dairy gave us gains in the Dairy products. All five CME spot traded products gained in their weekly averages.

Blocks were up 10 cents, Barrels gained 8 cents, Butter was up 2 cents, NonFat Dry milk gained a quarter of a cent, and Dry whey gained about 2 and ¼ cents. The Spot trade on Friday had Cheddar Blocks falling half a penny to $1.79/lb, Barrels gained a quarter of a cent to $1.58/lb. Finishing the week with a block/barrel spread at 21 cents and a cheese average of 1.68 1/2/lb.

Butter gained a penny to $1.71 ½ /lb, NonFat dry milk gained ¾ of a cent to $1.17/lb, and Dry Whey was unchanged at $0.59 1/4/lb.

Class III struggled to hold small gains. March fell 1 to $16.36, April fell 38 cents to $17.71/cwt and May cell 17 to $18.31. Balance of 2021 was mostly 1-5 cents higher.

Class IV was basically unchanged on Friday. March at $14.36, April $15.07, and May at $15.45/cwt.

Feed and Grain gave us a look at some buying opportunities but gained it back to finish relatively unchanged. Corn was up ½ a cent at 5.39/bu, Soybeans moved a quarter of a cent lower at $14.13 ½ after trading as low at 13.92/bu. Soybean meal fell $4.10 to $400.70/ton. The first look we have had at $400 SBM since December.

Look also

Gillibrand applauds USDA decision to restore fair dairy pricing formula

U.S. Senator Kirsten Gillibrand, chair of the Senate Agriculture Subcommittee on Livestock, Dairy, Poultry, Local Food Systems, and Food Safety and Security, praised the U.S. Department of Agriculture’s (USDA) decision to reinstate the “higher of” Class I pricing formula for milk.

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