On the Chicago Mercantile Exchange milk futures traded mostly higher Wednesday while cash markets were mixed. Class III milk showed some strength in Wednesday’s trading. May moved lower late in the day falling 2 cents to $16.27/cwt, June gained 5 cents to $16.24 and July gained 10 cents to 16.41. Second half months gained as many as 13 cents to finish with an average of $16.68/cwt
Butter led the market again on Wednesday in the CME spot dairy product trade. Gaining 2 ¼ cent on 8 trades to finish at $2.37 ¼. Dry whey unchanged at $0.34. Blocks down $0.0025 at $1.6575. One trade was made at that price. Barrels up $0.0125 at $1.61. Four trades were made ranging from $1.61 to $1.6125. Nonfat dry milk down $0.0075 at $1.05. One trade was made at that price.
Grain markets were up strong early following yesterday’s gains, however, lost some momentum as we closed trading. May corn was up ¾ cent to 3.69 ½, May Soybeans finished up 4 to 8.35 ½ and July Soybean meal gain $1.80 to $299.80/ton.
