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Double Digit Gains on Milk Markets in Chicago Thursday

On the Chicago Mercantile Exchange milk futures closed higher again Thursday supported by strength in cash markets and increasing slaughter numbers. Futures contracts closed higher across the board in Class III up double digits in certain months. June added a penny to $16.29 while July traded 16 cents higher and August was up 15. September through December moved 6-10 cents higher and first half 2020 added 205 cents per cwt. Class IV milk results were mixed. June through October ranged from 3 lower to 6 higher. 

Cheese trade led markets higher on Thursday.  Barrels up $0.03 at $1.72. Seven trades were made ranging from $1.70 to $1.72.  Blocks up $0.0225 at $1.8225. Three trades were made ranging from $1.8150 to $1.8225. Dry whey unchanged at $0.3425. Butter up $0.0125 at $2.3875. One trade was made at $2.39. Nonfat dry milk down $0.0050 at $1.04. Two trades were made at that price.

Grain markets rebound Thursday after a brief 2 day drop. Corn added 9 cents of value back to its price closing at $4.50 per bu. in July and $4.61 in December. Soybeans jumped 12.25 cents to a new crop price of $9.41 per bu. Bean meal added $6 a ton. The wheat complex was mixed with Chicago gaining 5 cents, Kansas City up 2-3, and Minneapolis was down 3. 

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