Milk futures on the Chicago Mercantile Exchange continued higher Tuesday following strength in cash markets. Class III milk continued a slow grind higher. October up 1 at $18.21, November up 14 cents at $18.56, and November up 10 cents at $18.11/cwt. 2022 was 5-19 cents higher and first half is averaging at 17.87/cwt. Class IV milk was quieter with 2021 months holding unchanged. October at 16.86, November at 17.29, and December at 17.41.
The CME spot trade took this information and was up slightly across the board. Dry whey up $0.0050 at $0.59. Blocks up $0.01 at $1.8075. Two sales were made at $1.8075 to $1.8075. Barrels up $0.0025 at $1.7925. One trade was made at that price. Butter unchanged at $1.69. Nonfat dry milk up $0.0175 at $1.4175. Five trades were made from $1.41 to $1.42.
Global Dairy Trade Event 293 was even to two weeks prior. Almost every product traded withing 1 % of last trade. Butter milk powder saw the largest gain up nearly 10 percent. Fractional gains and losses were reported for most other categories.
