# Monday Morning Huddle - 23 January 2023 - HighGround Dairy

> Dry whey, nonfat dry milk and butter prices fell sharply in the week ending January 13 to levels not seen in over a year, and CME spot cheese followed with block cheddar at its lowest since September. Spot milk basis in the Upper Midwest is $6 to $10 per cwt under Class, and European cheese prices have also collapsed.

- Date: 2023-01-23 · published 2023-01-23T12:00:00.000Z
- Category: market · region US · magnitude medium
- Page: https://feedsoft.ai/events/37912-monday-morning-huddle-23-january-2023-highground-dairy
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

Broad dairy commodity weakness and wide negative spot basis signal bearish milk price direction, with limited export outlet reducing demand support for US dairy products.

## Read by commodity

- MILK: bearish ▼

## Sources

- highgrounddairy.com: https://www.highgrounddairy.com/monday-morning-huddle-23-january-2023/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.