World Perspectives
livestock

Dairy Outlook

With drought, a late July heat wave, and escalation of the war Ukraine, risk premiums are being priced into the markets – and dairy was no exception. Yesterday the Class III Milk futures traded limit up on August, September, October, and November. The Class IV followed in the draft of the Class II jetstream. Today, those contracts traded on expanded limits given yesterday’s session, but the July Class III contract was up a penny and August and September gave back 9 and 49 cents respectively.  Spot markets have also rallied, for block and barrel cheese, butter, whey, and powder.  Last week, ice cream makers were pulling cream away from butter makers and heat in the central and western parts of the country has been impa...

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