Futures Fall as Cheese Rises in Chicago Thursday

Class III milk futures were softer despite higher prices in the cash product cheese trade on the Chicago Mercantile Exchange. May Class III milk futures were down 27 cents to $11.37. June 19 lower at $12.44. July through September down four to 19 cents. Class IV milk futures saw very little movement with the bids and offers so wide. August fell 1 cent to $11.66. June milk gained 2 cents to $12.24/cwt. November milk also inched 1 penny lower to $12.94.

Cheese continued its ascent today in the CME cash dairy product trade. Dry whey down $0.0025 at $0.3925. Two trades made, ranging $0.3925 to $0.3950. Blocks up $0.0175 at $1.2075. Two trades made at $1.19 and $1.21. Barrels up $0.03 at $1.19. Four trades were made, with a range of $1.17 to $1.19. Butter up $0.0175 at $1.1975. Seven trades made, ranging from $1.1850 to $1.20. Nonfat dry milk down $0.0050 at $0.80.

The entire grain complex showed strength today. Spot corn rallied 7 cents to $3.11 and a half cent. December corn finished 3.75 cents higher to $3.37 and a quarter cent. May soybeans soared 18.50 cents to $8.50 and a quarter cent. May Chicago wheat leaped 10.25 cents to $5.29 and ¾ cents. November soybeans jumped 13.50 cents to $8.57 and ¾ cent. June live cattle rose $1.67 to $85.95/cwt. May feeder cattle lost $1.45 to $117.10/cwt. June crude oil launched a $4 gain to $19.06.