On the Chicago Mercantile Exchange milk futures were mostly higher Tuesday after a strong day of global prices reported on the Global Dairy Trade index. The Global Dairy Trade index in New Zealand increased 4.8 percent Tuesday and was the largest gain since the beginning of July. Gains were seen in almost all categories with Lactose, up 13.5 percent, and whole milk powder, up 5 percent, posting the largest increases.
Class III milk futures saw much less volatility than what we have been accustomed to lately. November milk gained 14 cents to $23.17. December milk lost 7 to $16.09. January through December 2021 settled 6 cents lower to 14 cents higher. Class IV milk futures also saw very little movement.
In the CME Cash Dairy Product Trade, Dry whey up $0.01 at $0.44. One trade was made at that price. Blocks down $0.04 at $1.62. One sale was made at $1.6575. Barrels down $0.0025 at $1.4125. Seven trades were made ranging from $1.3950 to $1.4125. Butter up $0.0475 at $1.41. Nine trades were made ranging from $1.3925 to $1.41. Nonfat dry milk up $0.0350 at $1.1450. Twelve trades were made ranging from $1.13 to $1.1450.
The grain complex saw both December 20 corn and January 21 soybeans put in contract highs. December corn climbed 5.50 cents to $4.2575 cents. January soybeans increased 6 to $11.7575/bushel. December soybean meal fell 90 cents to $394.90/ton. December Chicago Wheat added 2.50 cents to $5.9775/bushel.
