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Milk Futures Start Week Lower as Traders Correct Positions


On the Chicago Mercantile Exchange  milk futures were lower Monday as traders took back some overbought positions, cash markets were higher. September Class III milk unchanged at $16.35.  October three cents lower at $18.85.  November 14 cents lower at $18.39.  December 13 cents lower at $17.42.  January through March contracts nine to 14 cents lower. Class IV milk was unchanged and only saw loads trade in September holding at 12.71, October at 13.76, and November at 14.35. 

The CME spot trade had dry whey up $0.0075 at $0.3850.  Blocks up $0.0075 at $2.5625.  Two trades were made at $2.56 and $2.5625.  Barrels up $0.0150 at $1.6750.  One sale was made at $1.66.  Butter unchanged at $1.5025.  Nonfat dry milk up $0.01 at $1.11.  One sale was made at that price. 

The grain and feed complex was mixed. Corn gained 1 ½ cents to 3.66 ¾, Chicago wheat gained 6 cents to 5.50 ¼, Soybeans fell 6 ¼ cents to 9.96 ¼ and soybean meal followed, falling $4.30 to $332.60/ton


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