MILK
It has been a brutal week for November and December Class III futures. Actually, the past two weeks have been very bearish with the November contract declining $0.69 cents this week and $1.82 during the past two weeks. December has declined $0.87 over the past week and $1.84 during the past two weeks. Futures contracts in 2022 have held fairly well, as there is hope prices may rebound. Class IV futures have held and have actually increased during the past two weeks. This has pushed Class IV futures above Class III. This is quite a change from what the market has been for a long period of time. Exports in September did very well again with the total value of dairy exports reaching $655.0 million. This is a gain of 27.6% over September 2020. Total exports reached 186,020 metric tons, a 14.2% increase above a year ago.
AVERAGE CLASS III PRICES
| 3 Month: | $17.79 |
| 6 Month: | $18.08 |
| 9 Month: | $18.22 |
| 12 Month: | $18.30 |
CHEESE
Cheese had a very difficult week with both blocks and barrels falling substantially. Barrels led the charge lower with price falling 31.75 cents with 26 loads traded. Blocks fell 9 cents with five loads traded. During the past two weeks, block price fell 22.50 cents. During the same period of time, barrels declined 36 cents. Dry whey posted a gain of 3 cents with four loads traded. Cheese exports gained 20.5% in September totaling 34,104 metric tons. Dry whey exports totaled 49,514 metric tons, a gain of 5.1% over a year ago.
BUTTER
Butter exports reached 6,489 metric tons, up 223.4% over September 2020. Skim milk powder/nonfat dry milk increased 16.2% reaching 70,101 metric tons. Whole milk powder exports totaled 2,802 metric tons, an increase of 1%. Another category that showed a substantial increase was Evaporated condensed milk with an increase in exports of 206.1% reaching 2,714 metric tons. For the week, butter price slipped 0.50 cent with 24 loads traded. Grade A nonfat dry milk price slipped 0.75 cent with 12 loads traded.
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