On the Chicago Mercantile Exchange milk futures traded mixed to mostly higher at midweek with positive moves seen in cash cheese trade. Class III Milk had May up 8 cents to 19.15, June fell 2 to 19.76 and July gained 2 cents to 19.86/cwt. Class IV milk was quiet nearby, but 2022 jumped higher. May slid 1 cent to 16.20, June and July were unchanged at 16.99, and 17.31. January of 2022 gained 20 cents to 17.75 and Feb and March also moved to 17.75/cwt.
Dairy markets were stable as the CME spot trade saw Dry whey up $0.0025 at $0.6475. Two sales were made at $0.6450 and $0.6475. Blocks up $0.0025 at $1.8025. Five trades were made at $1.80 and $1.8025. Barrels up $0.0250 at $1.8450. Seven sales were made from $1.8250 to $1.8450. Butter down $0.01 at $1.7350. Nine trades were made from $1.7350 to $1.7425. Nonfat dry milk up $0.0175 at $1.3575. Ten sales were made at $1.3575 and $1.36.
Feed costs will continue to pressure dairy Margins. Wednesday had December corn break through $6 for new crop and July pushed through $7. Corn finished the day with July up 11 ¾ cents to $7.08 ½. December corn at 6.04 3/4 /bu. These values have not been seen since September of 2013. Soybean meal gained 2.90 to $424.40/ton as Soybeans gained 4 cents in July to 15.42 ¼, and November gained 19 ½ cents to 13.82 ¾ /bu.
