On the Chicago Mercantile Exchange milk futures continued lower Wednesday as cash markets and trade tensions with China weigh on markets. May closed 4 cents lower at $16.41 per cwt. and June lost 12 cents to settle out at $16.43. The second half of 2019 was sold off even more. July through December marks declined 14-18 cents per cwt and closed with a second-half average of $16.76. First quarter 2020 declined 4-11 cents as well. Class IV trade was much more lackadaisical. 2019 prices ranged from a penning higher to 3 cents lower. The second half 2019 class IV average closed at $17.35 per cwt. CME spot product markets mainly struggled on Wednesday. Butter dropped a penny to $2.28 and a half cents following three trades and one uncovered offer. Blocks fell a half-cent also on three trades and one offer. The block price ended at $1.70 and a quarter cents per lb.
Dry whey remained unchanged at $0.3475. Blocks down $0.0050 at $1.7025. Three trades were made ranging from $1.7025 to $1.7075. Barrels down $0.0025 at $1.7375. Three trades were made ranging from $1.7375 to $1.74. Butter down $0.01 at $2.2850. Three trade was made ranging from $2.2850 to $2.2925. Nonfat dry milk up $0.0125 at $1.0725. Two trades were made at $1.07 and $1.0725.
