Class III milk markets struggled the entire day but crossed the finish line anywhere from 22-41 cents per cwt on the Chicago Mercantile Exchange Thursday. June Class III milk futures down 32 cents to $13.30. July 31 lower at $14.41. August through October contracts 35 to 42 lower. Class IV prices declined double digits in the months that traded.
Most products traded on the CME spot dairy auction ended unchanged, Dry whey unchanged at $0.40. Blocks steady at $1.3050. Barrels up $0.0125 at $1.2525. Nineteen trades made, with a range of $1.2450 to $1.28. Butter unchanged at $1.28. Nonfat dry milk steady at $0.8225.
The grain complex found some strength on Thursday as corn added 3 cents per bu. Corn was supported by ethanol futures trading back up to $1.10 per gallon. Gasoline demand has rebounded a little bit with futures printing 92 cents per gallon on the board of trade, up 30 cents per gallon from our previous lows. Soybeans added 11 cents per bu. as export sales were within trade expectations. The wheat complex ranged from 1-5 cents higher as well.
