On the Chicago Mercantile Exchange milk futures closed higher Tuesday as traders bought back oversold positions after markets reacted negatively Monday to coronavirus fears. February through July futures traded 1-10 cents stronger while red showed up on the screen beyond that. Class IV markets softened again Tuesday with February down 21 and March and April softening double digits. The day prior on Monday however watched a massive commodity wide bleed.
Dry whey up $0.01 at $0.3750. One sale was made at $0.3650. Blocks down $0.0125 at $1.92. Barrels down $0.02 at $1.59. One trade was made at that price. Butter down $0.0450 at $1.7750. Five trades were made ranging from $1.7750 to and $1.7825. Nonfat dry milk down $0.0050 at $1.2750. Eight trades were made ranging from $1.2725 to $1.2775.
Both livestock and grains faired a little better on Tuesday as corn traded 6 cents higher in March, beans limited the blow to 2 cents and the wheat complex was 2-5 cents lower. The soybean and wheat markets are searching for any type of buy interest out of China but to this point have come up empty handed. Cattle markets fell a half cent Tuesday, feeders were up 20 and hogs added ¾ of a cent per pound.
