On the Chicago Mercantile Exchange milk futures closed lower Tuesday pressured by declining world prices. Class III milk gave back some of its gains from late last week. May was even at $16.29/cwt, but June fell 7 cents to $16.44. The second half months lost 12-17 cents to fall off our $17 average to $16.88. $17 continues to be a strong resistance to rallying milk prices. Class IV milk was unchanged in May to 16.28, July fell 10 cents ot 16.94 and August fell 14 cents to $17.08/cwt.
The CME spot product trade had a similarly mixed day. Dry whey up $0.02 at $0.37. Blocks up $0.0075 at $1.68. One trade was made at that price. Barrels down $0.0225 at $1.6025. Nine trades were made ranging from $1.6225 to $1.6275. Butter down $0.0125 at $2.3275. One trade was made at that price. Nonfat dry milk up $0.0025 at $1.0475. Three trades were made ranging from $1.0425 to $1.0475.