At the Chicago Mercantile Exchange Milk futures closed higher Thursday while cash trade was mixed. The headline that excited the markets on Thursday was that China proposes to spend $30 billion more on US Ag imports, which could be a variety of products. Class 3 markets traded mainly higher throughout the session with most action in the front months. February lost 6 cents to 13.95, March rose 6 cents to 14.66. and April rose 15 cents to 14.65. May up 16 cents at $14.99. June through October contracts were two to 12 cents higher.
The excitement was not reflected in the spot trade. Dry whey down $0.0075 at $0.3525. Six trades were made ranging from $0.3525 to $0.36. Blocks unchanged at $1.5950. Barrels down $0.0125 at $1.4050. Butter down $0.0075 at $2.25. Seven trades were made ranging from $2.2425 to $2.25. Nonfat dry milk up $0.01 at $0.9975. Three trades were made at $0.9950 to $0.9975.
(T4, D3)
