U.S. Milk Markets Rebound Strongly to End the Week
Source: The DairyNews
In a notable upswing, U.S. milk markets saw significant gains as Friday's trading concluded with vigorous late buying. The Class III milk segment demonstrated robust growth for the latter half of the year.
Notably, July prices surged by 43 cents, reaching $20.29 per hundredweight (cwt), and August followed closely with a 46-cent increase to the same level. However, earlier months like May and June showed more subdued movements, with May closing at $18.60/cwt and June slightly up by 2 cents to $19.38/cwt.
In contrast, Class IV milk exhibited a quieter trend despite a modest recovery in butter prices, which rose by 6 cents in the spot market. The prices for May stood at $20.57/cwt, June at $20.84/cwt, and July peaked at $21.31/cwt.
The Chicago Mercantile Exchange (CME) spot trade recorded gains in butter, up 6 cents to $3.09 per pound. Meanwhile, cheese prices remained stable with Cheddar Blocks at $1.81 per pound and Barrels at $1.94 per pound. The consistent block/barrel price spread of 13 cents maintained the average cheese price at approximately $1.87 per pound. Additionally, the powder markets ended the week on a positive note, with Dry Whey increasing by a penny to $0.41 per pound and Grade A Non-Fat Dry Whey inching up by half a cent to $1.16 3/4 per pound.
Conversely, the grain and feed markets experienced a downturn as the week closed. July corn dropped by 2 ½ cents to $4.46 1/4 per bushel, and July soybeans decreased by 4 ¾ cents to $12.05 per bushel. Soybean meal saw a mixed performance, gaining $1.10 in July, yet closing the week $25 per ton lower than Monday's high, at $364.10 per ton.
This movement in the dairy market, coupled with fluctuations in feed prices, indicates a dynamic period for agricultural commodities as traders adjusted positions ahead of the weekend.
In contrast, Class IV milk exhibited a quieter trend despite a modest recovery in butter prices, which rose by 6 cents in the spot market. The prices for May stood at $20.57/cwt, June at $20.84/cwt, and July peaked at $21.31/cwt.
The Chicago Mercantile Exchange (CME) spot trade recorded gains in butter, up 6 cents to $3.09 per pound. Meanwhile, cheese prices remained stable with Cheddar Blocks at $1.81 per pound and Barrels at $1.94 per pound. The consistent block/barrel price spread of 13 cents maintained the average cheese price at approximately $1.87 per pound. Additionally, the powder markets ended the week on a positive note, with Dry Whey increasing by a penny to $0.41 per pound and Grade A Non-Fat Dry Whey inching up by half a cent to $1.16 3/4 per pound.
Conversely, the grain and feed markets experienced a downturn as the week closed. July corn dropped by 2 ½ cents to $4.46 1/4 per bushel, and July soybeans decreased by 4 ¾ cents to $12.05 per bushel. Soybean meal saw a mixed performance, gaining $1.10 in July, yet closing the week $25 per ton lower than Monday's high, at $364.10 per ton.
This movement in the dairy market, coupled with fluctuations in feed prices, indicates a dynamic period for agricultural commodities as traders adjusted positions ahead of the weekend.
