StoneX Dairy Group says the GDT 80% butterfat butter price equates to $1.9822 per pound U.S., down 5.5 cents, after losing 5.4 cents last time, and compares to CME butter which closed last Friday at $2.3825. GDT Cheddar was down 2.7%, after slipping. Skim milk powder was down 4.3%, following a 4.8% plunge, and whole milk powder was off 1.4%, after dropping 4%. Anhydrous milkfat was down 5.1%, after falling 2.2% last time, and butter was down 2.8%, following a 2.6% descent. The average metric ton price fell to $3,365, down from $3,493 last time.īuttermilk powder provided the biggest pull on the average, down 12.9%, after not trading on Dec. Traders brought 73.8 million pounds of product to market, up from 63.4 million on Dec. The first Global Dairy Trade event of 2023 saw its weighted average drop 2.8%, following the 3.8% plunge on Dec. The Class IV price is $22.12, down $1.18 from November, $2.24 above a year ago, and the lowest Class IV since December 2021.
Last Friday morning Class III futures portended a January price at $19.28 February $18.40 and March at $18.34, with a $19.90 peak in October. The department projects a 2023 average at $19.80.
The 2022 average is $21.96, up from $17.08 in 2021 and $18.16 in 2020, a penny off of USDA's latest projection. It is the highest December Class III price since 2007. The last federal order Class III benchmark milk price of 2022 was announced at $20.50 per hundredweight, down 51 cents from November but $2.14 above December 2021. The following is from Lee Mielke, author of a dairy market column known as "Mielke Market Weekly."
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