Butter | Spot Butter Surges Higher

Spot butter surged 9.50 cents higher to $2.40/lb in the CME Spot Dairy Auction.

This marks the highest price since July of 2019. Block cheese climbed 2 cents to $1.93/lb. Barrel cheese 4.50 cents to $1.6325/lb. Whey held steady at $.75/lb. NFDM slipped half a penny to $1.6625/lb.

Class III milk futures were mixed. January milk fell 4 cents to $19.85/cwt. February milk soared 20 cents to $20.40/cwt. March milk was up 8 cents to $20.27/cwt. Class IV milk rallied 8-25 cents higher with the nice move higher in butter today.

The grain market lost steam throughout Tuesday, with most of the grains ending lower on the day. March corn lost a dime to $6.0475/bushel. January soybeans fell 3.25 cents to $13.5925/bushel. March soybean meal gained 80 cents to $409.10/ton. March Chicago Wheat dropped 20.50 cents to $7.8350/bushel.

The livestock sector was mixed on the day. February live cattle gained 12 cents to $139.40/cwt. January feeder cattle advanced $1.15 to $163.55/cwt. February lean hogs declined $1.02 to $82.62/cwt. February crude oil added 36 cents to $75.93/barrel.

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