Milk Prices Rally as Market Volatility Subsides at Week's End
Source: The DairyNews
The dairy market experienced a resurgence on Friday, marking a strong finish to a week characterized by heightened volatility.
Spot cheese prices saw Cheddar blocks rebounding by 2 ½ cents to $1.53 per lb, followed closely by Barrels, which also gained 2 ½ cents to reach $1.57 1/4, representing a nearly 10-cent increase over the past week. Butter prices followed suit, bouncing back by 2 ¾ cents to settle at $2.92/lb after a minor dip on Thursday.
However, the dry powders market failed to mirror these gains, with Dry Whey dropping by ¼ of a cent to $0.36/lb, and Grade A Non Fat Dry Milk declining by ¾ of a cent to $1.14 1/4.
In the dairy futures market, Class III milk prices rebounded alongside cheese prices, with April increasing by a penny to $15.41, May rising by 37 cents to $16.39, and June climbing by 24 cents to $16.77/cwt. Class IV milk prices remained steady in April and May at $20.06 and $20.20, respectively, while June slipped by 10 cents to $20.40/cwt.
Meanwhile, the grain and feed markets also saw a turnaround towards the end of the week following a relatively uneventful USDA supply and demand report on Thursday.
Corn prices rose by 6 ¾ cents to $4.35 ½, with December futures increasing by 6 cents to $4.72. Soybeans experienced a gain of 14 ¾ cents to reach $11.74/bu, with Soybean meal leading the surge, up by $8.80/ton in May to $344.10/ton, and December up by $5.70 to $348/ton.
However, the dry powders market failed to mirror these gains, with Dry Whey dropping by ¼ of a cent to $0.36/lb, and Grade A Non Fat Dry Milk declining by ¾ of a cent to $1.14 1/4.
In the dairy futures market, Class III milk prices rebounded alongside cheese prices, with April increasing by a penny to $15.41, May rising by 37 cents to $16.39, and June climbing by 24 cents to $16.77/cwt. Class IV milk prices remained steady in April and May at $20.06 and $20.20, respectively, while June slipped by 10 cents to $20.40/cwt.
Meanwhile, the grain and feed markets also saw a turnaround towards the end of the week following a relatively uneventful USDA supply and demand report on Thursday.
Corn prices rose by 6 ¾ cents to $4.35 ½, with December futures increasing by 6 cents to $4.72. Soybeans experienced a gain of 14 ¾ cents to reach $11.74/bu, with Soybean meal leading the surge, up by $8.80/ton in May to $344.10/ton, and December up by $5.70 to $348/ton.
