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Milk Futures Turn Higher in Chicago Wednesday


On the Chicago Mercantile Exchange milk futures turned higher Wednesday correcting oversold positions and supported somewhat by improving cash trade. February gained 1 penny to $15.65 per cwt.  March added 22 cents to $16.08 per cwt.  April jumped 29 cents to $16.74.  Second half remains well supported at $17.36-$17.89. Class IV futures moved lower.

On CME Cash Dairy Product Trade dry whey down $0.0025 at $0.5450.  Blocks up $0.02 at $1.59.  One sale was made at that price. Barrels unchanged at $1.3825.  Butter down $0.0225 at $1.4650.  One sale was made at that price. Nonfat dry milk up $0.0050 at $1.0950.  One sale was made at that price.

Grains soared higher on the heels of soybeans.  May soybeans settled at $14.2575.  The contract high was set at $14.33 per bushel a couple weeks back.  May corn saw a 4.50 cent bounce to $5.57 per bushel.  Both new crop corn and soybeans achieved new contract highs.  March soybean meal finished $1.80 to $428.30 per ton.  May Chicago Wheat rallied 15.75 cents to $6.8550 per bushel. 


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