The CME spot dairy auction kicked off this week in a mixed fashion.
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Cheddar blocks traded twice and 3.25 cents higher to a settlement of $1.57/lb. Barrel cheese failed to trade and remained unchanged at $1.4125/lb. Butter declined 4 cents following last week’s positive trade direction to a value of $1.51. Nonfat dry milk added a half cent on two trades to $1.0975/lb. Dry whey ended unchanged Monday at $0.5475/lb.

Class III milk values rose only slightly on Monday. March through June added 6-11 cents/cwt with the average across that period near $17/cwt. Second half months saw just July and October trade and its average virtually unchanged from Friday at $17.62/cwt. Class IV months drifted slightly lower to start off.

Feed prices printed green on the screen for most of the day and rallied into the close. Corn strengthened 8-10 cents with new crop leading the way to a closing price of $4.6975/bu and a new contract high. Soybeans late charge ended with the front end up 6 to 9 cents while new crop added 15.5 cents to $12.1175/bu, also a new contract high for November. The acreage battle for the 2021 crop is without a doubt on. Bean meal saw a little weakness up front as first notice day approaches on Friday. The deferred meal contracts bumped up around $5/ton. Wheat ranged 9-14 cents stronger across the complex.

Dairy products and, in particular, grass-fed products are performing strongly post-covid in overseas markets.

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