MILK:
Milk futures closed higher for the week, but they gave back a lot of the gains of early in the week. Milk availability is mixed across the country. Schools being back in session had bottlers pulling more milk to satisfy school accounts. Milk supply remains sufficient for overall needs. Spot milk prices have increased again now that the holiday period is over, leaving buyers paying more for milk, but prices still remain under class. Milk production is generally steady with some areas indicating an increase in milk receipts. The potential for higher milk prices may result in farms holding onto cows, slowing the heavy culling that has been prevalent over the past few months. Dairy exports in November did very well with the volume of exports 18.9% above November 2020, totaling 192,278 metric tons (mt). The value of those exports totaled $667.4 million, an increase of 31.5%.
AVERAGE CLASS III PRICES:
| 3 Month: | $20.09 |
| 6 Month: | $20.77 |
| 9 Month: | $20.63 |
| 12 Month: | $20.46 |
CHEESE:
For the week, blocks increased 1.50 cents with five loads traded. Barrels jumped 15.50 cents with four loads traded. Dry whey increased 0.75 cent with one load traded. Cheese exports in November jumped 39.9% over November 2020, totaling 33,500 mt. Lactose increased 33.6%, totaling 36,584 mt. Dry whey exports increased 0.3%, totaling 48,506 mt. Of the total amount of dry whey exports, whey accounted for 44,503 mt, an increase of 3.7% from a year ago. Whey protein concentrate accounted for the other 4,003 mt, a decline of 26.4%.
BUTTER:
For the week, butter increased 29 cents with a total of 26 loads traded. Grade A nonfat dry milk gained 5.50 cents with four loads traded. Nonfat dry milk price moved back to the highest level since July 17, 2014. November butter exports exploded with an increase of 196.3%, totaling 4,725 mt. Whole milk powder exports fell 46.5% to a total of 2,043 mt. Skim milk powder/nonfat dry milk exports totaled 76,422 mt, up 24.7% compared to November 2020.
OUTSIDE MARKETS SUMMARY:
March corn increased 3 cents, ending at $6.0675. January soybeans jumped 24.25 cents, ending at $14.0150 with January soybean meal up $13.10 per ton, closing at $433.50. March wheat gained 12.50 cents, closing at $7.5850. February live cattle slipped $0.02, closing at $137.32. February crude oil declined $0.56, closing at $78.90 per barrel. The DOW slipped 5 points, closing at 36,232 while the NASDAQ fell 145 points, ending at 14,936.
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