Cheese finally found a bid and took off in the CME spot trade.
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After floundering for weeks below $1.90/lb Cheddar Blocks catapulted higher, gaining 9 cents to $1.85/lb and Barrels followed along, gaining 6 cents to $1.93 1/2/lb. Butter also had a good day as it moves to levels we have not visited since September of 2015! Butter gained 2 ¾ cents to $3.14 3/4/lb.

Dry powders were much quieter. Dry Whey held unchanged at $0.45/lb with Grade A Non Fat Dry milk giving back ¾ of a cent to be the only red on the spot trade at $1.53/lb.

Class IV milk finished up it’s strong move Tuesday with small moves nearby and big gains in 2023. September held unchanged at $24.12, October gained 4 cents to $24.14 and November was 8 higher at $23.45. Jan – March 2023 gained 16-46 cents to average at $22 even.

Class III milk saw nice gains with September up 17 to $19.84, October jumping 25 to $20.34, and November up 15 to $20.85/cwt.

Crude oil pressured the balance of the commodities tradeing $3-5/barrel lower all day and moving as low as $81.70/barrel. Values that we have not seen since early January. Corn couldn’t hold early gains and finished down 5 cents to $6.71/bu, Soybeans fell 15 ¼ cents to $13.80 ¾ with Soybean meal gaining $4.40 in October to $415/ton.

With Ever.ag this is Jenny Wackershauser for Know your markets.

NEW ZEALAND DAIRY COOPERATIVE FONTERRA WILL RETAIN ITS AUSTRALIAN OPERATIONS, CEO MILES HURRELL ANNOUNCED WHEN RELEASING FY22 RESULTS. THE COOPERATIVE HAD A “GOOD YEAR” DESPITE RISING COSTS DUE TO VOLATILITY IN SUPPLY CHAIN, HURRELL SAID.

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