On the Chicago Mercantile Exchange milk futures started a fresh month with positive trade Monday while cash markets were mostly quiet. Class III saaw November closed 18 cents stronger at $18.68/cwt while December ended at $18.62/cwt, up 16 cents/cwt. 2022 markets ranged anywhere from 2-9 cents higher and individual months are anywhere from $18.18/cwt in December to a high of $18.57 in February. Class IV put together another solid day of gains as December 2021 and January 2022 both touched $19.00/cwt which is the first time in seven years that we’ve seen Class IV trade with a $19 handle in front of it. Most months in 2022 made double digit higher settlements.
The strength in Class III milk on Monday was stunted by the barrel cheese trade during the CME spot dairy auction. Barrels lost 6.75 cents/lb on offers and zero trades. Blocks moved one load and ended unchanged at $1.675/lb. Butter climbed a penny to $1.95/lb with 6 loads exchanging hands. Non-fat dry milk was a quarter cent lower to $1.555/lb, 4 trades took place. Whey was unchanged at $0.63/lb.
