On the Chicago Mercantile Exchange, milk futures closed higher Thursday ahead of Friday’s supply and demand report and as cash cheese prices continue to push higher. Class III milk futures popped higher today. July launched a 51-cent gain to $24.18/cwt. August and September milk had limit moves today, to $22.28/cwt and $19.82/cwt. October milk gained 44 cents to $18.37/cwt. Quarter 4 2020 is now averaging $17.41. Class IV milk futures were softer today. September lost 4 cents to $14.99/cwt. October milk suffered a 19-cent loss to $15.22/cwt.
The block cheese market set another record price today, surging 9.25 cents higher to $2.83/lb. on 5 trades. Barrels unchanged at $2.40. Butter unchanged at $1.6875. Three trades were made ranging from $1.6875 to $1.71. Nonfat dry milk unchanged at $1.0325. Dry whey unchanged at $0.2875.
The grain complex put together some solid gains today. December corn added 2.75 cents to $3.57/bushel. November soybeans gained 4.25 cents to $9.0150/bushel. July soybean meal increased 3.50 cents to $295.10/ton. September Chicago Wheat ascended 8.50 cents to $5.25/bushel. August fats improved 10 cents to $99.25/cwt. August feeders finished 47 cents higher to $134.52/cwt. August crude oil declined $1.39 to $39.51.