On the Chicago Mercantile Exchange milk futures started the week mixed following a slightly bearish Global Dairy Trade report while cash trade was mostly higher. Class III milk saw mostly positive moves on Tuesday. Sept gained 10 cents to $17.72 per cwt, October fell 2 cents to $17.64, and November fell 1 to $17.39. Fourth Quarter milk is averaging at $17.33 per cwt. 2020 markets also saw nice gains. January – March were up 2-5 cents with a first quarter average at $16.41 per cwt.
The CME spot product trade gained momentum following the Global Dairy Trade event 243 Tuesday morning. Dry whey unchanged at $0.39. Blocks up $0.01 at $1.94. Thirteen trades were made ranging from $1.9325 to $1.94. Barrels up $0.0050 at $1.7425. Eight trades were made ranging from $1.7350 to $1.7425. Butter up $0.02 at $2.21. Ten trades were made ranging from $2.21 to $2.23. Nonfat dry milk up $0.0075 at $1.0475. One trade was made at that price.
December corn made a new contract lifetime low at $3.61 down 8 ¾ cents. November soybeans fell half a cent to 8.68 ½, and September soybean meal fell $1.30 to $288 per ton.
