Milk Prices Show Modest Gains
Global support for Class IV markets is contributing to a slow but steady upward movement in milk prices. Skim Milk Powder prices at the recent Global Dairy Trade Pulse event increased to $1.26 per pound, marking a 4.5% rise compared to the previous Pulse and a 1.6% uptick compared to Contract 2 at the latest main vent. Whole Milk Powder settled at $1.52 per pound, showing a 1.9% increase from the latest Pulse, but a 2.4% decrease versus Contract 2 at the most recent main event.
In the U.S., Spot Nonfat Dry Milk experienced a slight dip to $1.1925 per pound, a decrease of $0.0075, with eight lots traded. The March NDM contract also slipped to $1.2050 per pound, relinquishing $0.0125. Spot butter maintained its position at $2.7125 per pound, with no loads trading. However, second-quarter butter futures saw a modest increase to $2.8249 per pound, adding 0.0241.
Within Class III milk, Spot blocks remained at $1.5850 per pound, with three loads exchanged. Barrels saw a marginal uptick to $1.6000 per pound, a half-cent higher, with one lot changing hands. March Class III futures showed an increase to $17.43 per hundredweight, gaining 17 cents. The March "all cheese" contract also advanced to $1.7160 per pound, an increase of $0.0160. Spot dry whey remained unchanged at $0.5200 per pound, with no lots exchanged. However, the March dry whey contract decreased to $0.4920 per pound, losing $0.0080.
Within Class III milk, Spot blocks remained at $1.5850 per pound, with three loads exchanged. Barrels saw a marginal uptick to $1.6000 per pound, a half-cent higher, with one lot changing hands. March Class III futures showed an increase to $17.43 per hundredweight, gaining 17 cents. The March "all cheese" contract also advanced to $1.7160 per pound, an increase of $0.0160. Spot dry whey remained unchanged at $0.5200 per pound, with no lots exchanged. However, the March dry whey contract decreased to $0.4920 per pound, losing $0.0080.
In commodity markets, March corn futures rose slightly to $4.3075 per bushel, an increase of $0.0025. On the other hand, the March soybean contract declined to $11.8625 per bushel, shedding $0.0675. Crude oil gained ground, reaching $77 per barrel, while cattle markets experienced a 50-cent drop to $1/cwt in both fat and feeder cattle.
