On the Chicago Mercantile Exchange milk futures closed higher again Thursday again supported by trade optimism brought with the passage of the USMCA. Class III milk futures months traded 22 cents higher in February, 14 stronger in March, and 8 better in April. Remaining months in 2020 were moderately higher. Class IV received a little shot in the arm as well ranging from 4-16 cents higher in all months.
Dry whey down $0.0025 at $0.3625. Blocks up $0.0525 at $1.94. Barrels up $0.0450 at $1.53. Nine trades were made at $1.4950 and $1.53. Butter down $0.01 at $1.8975. One trade was made at that price. Nonfat dry milk up $0.0025 at $1.2850. Four trades were made at $1.2850 and $1.2875.
The grain complex was pummeled on Thursday following the Phase One deal that was signed on Wednesday with reality not meeting expectations. Corn dropped 12 cents in old crop and 8.5 in new crop. Soybeans fell 4 cents while the wheat complex softened 8 in Chicago, 11.5 in Kansas City, and Minneapolis was also down 4.
