Discover why milk futures and dairy prices are soaring on the Chicago Mercantile Exchange. Uncover the factors driving this trend in our latest analysis.
On a bright and busy Friday, milk futures and cash dairy prices took a welcome climb at the bustling Chicago Mercantile Exchange. June Class III milk responded positively, rallying up $0.31 to reach a solid $19.21. Not to be outdone, July followed suit with a buoyant $0.21 increase, settling at a comfortable $19.26.
It wasn’t just the heart of summer enjoying this boost. August also benefitted from this positive trend, inching upwards by $0.10 to stand at $19.29. Meanwhile, September milk futures matched August’s rise, increasing by $0.05 to $19.29.
Notably, the contracts set for October through December ranged from rising four cents in October and December to an even higher ten-cent rise in November.
But it wasn’t all about the milk. Dry whey was up $0.0050 at $0.3950. In this bustling market, an impressive ten sales were recorded, ranging from $0.3950 to $0.40. Elsewhere, our ever-popular forty-pound cheese blocks enjoyed a minor uptick of $0.0025 to close at $1.79. Although only one sale was recorded, it was at an enviable $1.7875.
As for the cheese barrels, they remained stable at $1.88. However, the market came alive as one sale was recorded at that price. Butter, on the other hand, added $0.0175 to its value, closing at an eye-catching $3.0750. Here, an impressive thirteen sales were recorded, the prices ranging from $3.0675 to $2.0950.
Nonfat dry milk, albeit experiencing a slight decline of $0.0050 to touch base at $1.11, still recorded two sales at $1.11 and $1.1150 respectively.
All in all, it was a day of wins for milk futures and cash dairy prices. Only time will tell how this upward trend will play out in the coming days.
