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Milk Markets Mixed Bag Tuesday in Chicago

On the Chicago Mercantile Exchange milk futures were mixed Tuesday following the direction of cash trade. Class III markets ranged from 5 cents lower to 6 cents higher. The second half of 2019 settled with an average price of $17.40 per cwt. 2020 markets declined 2-13 cents per cwt. Class IV markets for 2019 ranged from 6 lower to 8 higher. The 2nd half for Class IV closed at $17.34 per cwt. 

CME spot product markets watched butter add 1.5 cents to finish at $2.4175 per lb.  Barrels unchanged at $1.72. Six trades were made ranging from 1.7175 to $1.72.  Blocks up $0.0050 at $1.8250. One trade was made at that price. Dry whey up $0.0025 at $0.3550. Seven trades were made ranging from $0.3550 to $0.3575. Nonfat dry milk down $0.0050 at $1.0350. Five trades were made ranging from $1.0325 to $1.0375.

Grain markets watched choppy trade all day Tuesday following USDA’s crop progress report on Monday afternoon. Corn gapped higher overnight and traded as high as $4.53 on the July contract but closed a penny off the lows at $4.475 per bu. Corn had 96% planted with 56% of the crop rated good-to-excellent, down 2% from the previous week. Soybeans were 85% planted with 54% of the crop rated good-to-excellent. Soybeans lost 6 cents on the day and were 15 cents off the highs.

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