On the Chicago Mercantile Exchange milk futures closed higher Wednesday supported by strength in cash cheese markets and a mostly favorable milk production report. Class III milk was unchanged for June at $16.28, July gained 8 cents to $16.95 and August gained 6 cents to $17.24. Second half months were even to 8 cents higher averaging $17.24 per cwt. Jan- March of 2020 averages $16.49 per cwt. Class IV milk was not as strong. June was unchanged at $16.80, July fell 1 cent to $17 even, and August fell 4 cents to $17.24.
A strong day of trading in the CME spot product trade maintains the gains made to Class III milk made yesterday. Dry whey unchanged at $0.3425. Blocks up $0.02 at $1.80. Three trades were made ranging from $1.79 to $1.80. Barrels up $0.0450 at $1.69. Five trades were made ranging from $1.68 to $1.69. Butter up $0.0125 at $2.3750. Two trades were made at $2.3725 and $2.3750. Nonfat dry milk down $0.0050 at $1.0450. Three trades were made ranging from $1.04 to $1.450.
Grain and feed markets retracted off of their recent rallies. July corn fell 8 ¾ to $4.41 per bu., July Soybeans fell 10 ¼ to $9.03 ¼, and July SBM fell $5.10 to $316.90 per ton