Global Dairy Trade Event #306 concluded with the aggregate down 2.9%. Cheddar cheese was down 0.1%. Whole Milk Powder was 4.9% lower. Skim Milk Powder fell 0.6%. Butter dropped 1.0%
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In the CME spot dairy auction, barrel cheese set a one year high of $2.45/lb and is closing in on the 2020 high of $2.53/lb. Block cheese gained half a penny to $2.37/lb. Whey gained 1.25 cents to $0.4975/lb. Butter rose 3 cents to $2.77/lb. Nonfat Milk added 1 penny to $1.7450/lb.

Class III milk futures were higher on the day. June moved 18 cents higher to $24.59/cwt. July settled 19 cents higher to $24.44/cwt. Class IV milk futures were approximately 15-40 cents higher. The USDA will release the April Milk Production Report Wednesday afternoon at 2 pm central time.

The grain market was a mixed bag. December corn fell 4.75 cents to $7.6075/bu. November soybeans advanced 13.50 cents to $15.2550/bu. December soybean meal lost 60 cents to $401.80/ton. September Chicago Wheat soared 27.75 cents to $12.7875/bu.

The livestock sector was also varied. June live cattle fell 17 cents to $133.00/cwt. August feeder cattle decreased 65 cents to $166.77/cwt. June lean hogs rose $1.32 to $105.15/cwt. June live crude oil gave up $2.08 to $112.12/barrel.

At the midpoint of the year, the all-milk price forecast for 2022 is a whopping $26.20 per hundredweight (cwt), according to the June 2022 USDA/ERS Livestock, Dairy and Poultry Outlook report.

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