Welcome to the new Milk Market Minute a daily summary of CME spot activity and DRP quotes aimed at meeting the needs of dairy producers. We hope you enjoy the revised format from the Daily Dairy Monitor. If you have any comments or questions, please contact us at Insights@Ever.Ag.
FROM THE TRADING DESK:
After running up against the previously established contract highs on Thursday, June through October futures caught an additional leg higher into new territory during the overnight session. Prices settled off of their highs following a relatively boring spot cheese session. Butter, however, was exciting and moved another 13 loads and settled 1.75 cents higher. Nonfat and dry whey saw small gains, as well, to support Friday’s action. DRP will be closed on Monday due to the release of the Dairy Products report.
Today’s Highlights
- Buyers worried about potential supply shortages and even higher prices pushed CME butter to a year-to-date high of $3.0750 per pound, up $0.0175 from the day before, with 13 lots traded. Spot barrels held steady today at $1.8800 per pound with one lot exchanged. Blocks closed out the day at $1.7900 per pound, up $0.0025 with one lot sold as well.
- Spring field work is in full swing, with corn plantings reaching 27% complete this week, on pace with last year but ahead of the five-year average of 23% planted by this time. May corn finished the week at $4.4700 per bushel, down five cents from yesterday. Soybean planting is way ahead this year at 18% complete, compared to the five-year average of 10%. Nearby soybean futures settled at $12.0175 per bushel, adding $0.1175 from Thursday.
- Unemployment rose slightly from 3.8% in March to 3.9% in April. There were 8.49 million job openings in March, the lowest offering since March 2021 and down from 8.81 million openings in February. The ratio of openings to unemployed persons dipped to 1.32, down from 1.36 in February.
Today’s Future and Options Settlements
Dairy Revenue Protection Quotes
**DRP quotes are for California. Please use the calculator below for your specific state.
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