Class III milk futures saw considerable strength today on the Chicago Mercantile. Milk futures shot higher Tuesday supported by strong barrel prices. June milk launched a 41-cent gain to $20.55/cwt. July skyrocketed 62 cents to $19.56. August improved 42 cents to $17.89/cwt. Second half 2020 gained 19-62, and is residing at $17.59/cwt. Class IV milk futures were thinly traded today. June milk remains at $14.08/cwt. July milk is trading at $15.10. Second half 2020 is averaging $15.48/cwt.
In the CME cash dairy product trade, Dry whey down $0.0075 at $0.3275. Three trades were at that price. Blocks down $0.0450 at $2.54. One sale was made at $2.5850. Barrels up $0.0650 at $2.4250. One sale was made at $2.41. Butter down $0.0025 at $1.9225. One sale was made at that price. Nonfat dry milk down $0.0075 at $0.9525. Ten trades were made ranging from $0.9525 to $0.9575.
The grain complex showed weakness across the entire spectrum. July corn fell 6.25 cents to $3.2725/bushel. Spot soybeans lost 1.50 cents to $8.6325/bushel. July soybean meal descended $1.30 to $287.10/ton. September Chicago wheat declined 6.50 cents to $5.1075/bushel. June live cattle ascended $2.20 to $96.32/cwt. August feeders added $1.17 to $134.25/cwt. Crude oil improved 45 cents to $38.64.
