On the Chicago Mercantile Exchange milk futures closed higher Thursday on holiday optimism and strong cheese demand. Class III milk futures ended the week on a higher note. July milk added 12 cents to $22.97/cwt. August milk rocketed 54 cents higher to $20.95. September increased 45 cents to $18.81/cwt. Second half 2020 average is $18.99/cwt. Class IV futures were relatively unchanged.
In the CME Cash Dairy Product Trade, dry whey unchanged at $0.33. Blocks up $0.0350 at $2.6750. Six trades were made ranging from $2.66 to $2.68. Barrels up $0.0150 at $2.4150. Four trades were made at $2.41 and $2.4150. Butter down $0.0125 at $1.7375. Nonfat dry milk up $0.0050 at $1.01. Markets will be closed on July 3rd for the holiday.
The grain complex receded today. December corn tumbled 7.50 cents to $3.53/bushel. November soybeans fell 1.75 cents to $8.9725/bushel. September Chicago W=wheat decreased 6.75 cents to $4.92/bushel. August live cattle rallied $2.75 to $100.05/cwt. August feeders climbed $2.82 to $135.90/cwt. August crude oil launched a 51-cent gain to $40.33.