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Milk Futures and Cash Dairy Remain Directionless


On the Chicago Mercantile Exchange milk futures closed mixed at midweek along with cash trade as most traders remain directionless. Class III milk futures closed slightly lower in 2019 but higher 2020. July, September and October each fell a penny while August declined 5 cents. 2020 months ranged from even in February to 10 cents higher in November 2019. Class IV milk closed even in July and November and dropped as much as 9 cents in December. 2020 prices were softer as well with the 2nd quarter losing 24028 cents per cwt. 

CME spot product markets saw mixed trade.  Dry whey up $0.0025 at $0.3225. Two trades were made at $0.32 and $0.3225. Blocks down $0.01 at $1.83. Three trades were made ranging from $1.83 to $1.8325. Barrels up $0.0075 at $1.7675. Two trades were made at $1.77 and $1.78. Butter up $0.0125 at $2.4075. Two trades were made at $2.4075 and $2.41. Nonfat dry milk unchanged at $1.0375. Two trades were made at $1.0350 and $1.0375.

Grain markets on Wednesday began the day lower but reversed course and closed higher in all 3 complexes. Corn settled 2.5 cents higher on new crop to $4.395. Soybeans added 8.5 cents to $9.1275 per bu. The wheat complex added 2 cents in Chicago, Kansas City and Minneapolis.


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