On the Chicago Mercantile Exchange milk futures were mixed again Wednesday as was cash trade. Class III milk saw mostly positive moves on Tuesday. Sept gained 10 cents to $17.72 per cwt, October fell 2 cents to $17.64, and November fell 1 to $17.39. Fourth Quarter milk is averaging at $17.33 per cwt. 2020 markets also saw nice gains. January – March were up 2-5 cents with a first quarter average at $16.41 per cwt.
The CME spot product trade gained momentum following the Global Dairy Trade event 243 Tuesday morning. Block cheddar traded at its highest price since November 2014 and gained back 2 cents after 2 weeks of softer prices finishing at $2.21 per lb. Cheddar blocks gained a penny to $1.94, while cheddar barrels gained half a cent to $1.74 ¼. Dry whey unchanged at $0.39. Barrels down $0.01 at $1.7325. Thirteen trades were made ranging from $1.73 to $1.74. Butter unchanged at $2.21. Two trades were made at $2.21 and $2.2275. Nonfat dry milk down $0.0025 at $1.0450.
Feed prices continued to soften Tuesday after being closed for Labor Day Monday. December corn made a new contract lifetime low at $3.61 down 8 ¾ cents. November soybeans fell half a cent to 8.68 ½, and September soybean meal fell $1.30 to $288 per ton.
