On the Chicago Mercantile Exchange milk futures closed higher Wednesday with traders optimistic from supply and demand expectations while cash trade was mixed. Class IV milk was our big mover – following butter higher. October gained 8 cents to 16.95, November added a massive 38 cents to $17.90, and gained 36 in December to $18.29. First half of 2022 gained 20-34 cents and sits at a 18.04/cwt. Pushing it higher than Class III in 2022. Class III milk was steady. October fell 1 cent to 17.88, November gained 4 to 18.85, and December gained 2 cents to 18.38/cwt. First half of 2022 gained 1-8 cents and is averaging at $18.00/cwt even.
On spot trade, butter traded 5 loads and jumping 6 cents higher to $1.82/lb . Cheddar Blocks and Barrels slid a bit, Blocks down 2 ¼ cents to $1.76/lb and Barrels down ½ cent to $1.74 ½. The block/barrel spread holding at 1 ½ cents with a $1.75 average price for Cheese.
