On the Chicago Mercantile Exchange, milk futures were generally down in the short term, but Tuesday’s exception saw a little increase in cash dairy prices. Despite spot prices being higher, selling pressure on Class III prices persisted throughout the day. For a long time, future prices have been higher than spot prices. The discrepancy was lessened by today’s price movement. $21.52/cwt for October milk saw a 15-cent decrease. Milk for November dropped by 27 cents to $21.78/cwt. Class IV milk futures for Q4 gained 17 cents on average throughout the day.
In the CME spot dairy product auction on Tuesday, the majority of dairy goods increased. Block cheese was priced at $2.00/lb plus 4.75 cents. To $2.06/lb, barrel cheese increased by 7.50 cents. Whey increased $0.4975/lb by 4 cents. Butter increased 7 cents to a record high of $3.24 per lb. Nonfat milk’s price fell 1.25 cents to $1.5750 per pound.
