Whiplash continues in our milk markets, as cheese marched higher on the Chicago Mercantile Exchange. Class III milk rebounded nicely Tuesday after and out of character sell-off Monday. Class III milk saw May gain 3 to $12.27. June Class III milk futures were up 62 cents at $17.28. July 57 higher at $16.82. August through October contracts 15 to 21 higher. Class IV was unchanged in May to $10.61, June gained 64 to $13.50 and July was limit higher, up 75 cents to $14.38 per cwt. Second half class IV now averages at $14.81 per cwt.
The CME spot trade saw Cheddar blocks and barrels show strength as blocks where up $0.0350 at $1.85. Barrels $0.0450 higher at $1.7825. Five trades made, ranging $1.7750 to $1.7825. Butter steady at $1.6050. Nonfat dry milk up $0.0450 at $0.9850. Five trades, with a range of $0.96 to $0.9850. Dry whey down $0.01 at $0.3625. Five trades were made, with a range of $0.3625 to $0.37.
