On the Chicago Mercantile Exchange milk futures finally edged passed the $18 market while cash markets, declining stocks, and production provide strength. July through December 2019 added 1-7 cents and moved the second half average up to $17.70/cwt. The first half of 2020 ranged from even to 9 cents higher. First half 202 settled Wednesday at $16.96/cwt. Class IV milk was mixed in 2019 ranging from 4 lower to 4 higher. The second half of 2019 closed with an average of $17.08/cwt.
CME spot product markets on Wednesday saw Dry whey up $0.0125 at $0.3575. One trade was made at $0.3475. Blocks up $0.0025 at $1.8325. Barrels unchanged at $1.7175. Two trades were made at $1.71 to $1.7125. Butter unchanged at $2.36. Nonfat dry milk up $0.0075 at $1.0175. Four trades were made ranging from $1.0125 to $1.0175.
The grain markets were mixed on Wednesday. Despite coming into this morning’s session 5 cents higher, the corn market reversed course and closed a penny lower at $4.3075 per bu. Soybeans traded 5 cents stronger to end with a new crop price of $9.08 per bu. The wheat complex was up 8 cent sin Chicago, 6 in Kansas City, and gained a penny in Minneapolis.
