On the Chicago Mercantile Exchange milk futures closed lower Wednesday as declining cash cheese trade from the week caught up with futures. The Class III milk market has seen quietness as of late. March fell 13 cents to $16.27, April through December lost 3-10 cents for a 50-cent range of $17.85-$18.35/cwt. Class IV milk saw little volume trade hands.
On the spot market, butter continues its rebound higher, up $0.03 at $1.71. Four trades were made ranging from $1.69 to $1.71. Nonfat dry milk down $0.0025 at $1.1725. Two sales were made at $1.1725 and $1.1750. Dry whey down $0.0025 at $0.5925. One sale was made at that price. Blocks unchanged at $1.75. Barrels unchanged at $1.50.
Grain Markets bled red to follow up yesterday’s mild WASDE report. December corn lost 4.50 cents to $4.8025/bushel. November soybeans tumbled 23.25 cents to $12.3875. March soybean meal gave up 9.10 to $410.10/ton. September Chicago Wheat dropped 4.75 cents to $6.5350/bushel.
