On the Chicago Mercantile Exchange, milk futures were mixed, mostly higher as markets work to find a new trading range. Thursday brings a move back higher in Class III milk after the mid-week correction on Wednesday. Class III started the day down significantly after the limit moves Wednesday, but bounced back strongly. July fell 8 cents to 24.23, but August surged 35 higher to 22.69, and September was up 55 to 20.03. The balance of 2020 was 22-47 higher. Class IV couldn’t follow suit. July fell 17 to 13.82, Aug fell 19 to 14.23, and September fell 6 to 14.62.
Though Cheddar blocks still fell 9 cents in the CME spot trade, we found 2 buyers willing to spend $2.71 on blocks. Barrels down $0.0025 at $2.4175. Butter down $0.0025 at $1.69. One trade was made at $1.6675. Nonfat dry milk down $0.01 at $1.00. Ten trades were made ranging from $1.00 to $1.01. Dry whey up $0.0125 at $0.3325.
Grains saw a bounce higher as well on Chinese buying. December corn gained 3 ½ to 3.37 ½, November Soybeans gained 8 ¼ to 8.91 even, and Soybean meal moved $1.20 higher to 287/ton.
