Class III milk sells off as we see a lackluster cheese trade on the Chicago Mercantile Exchange. Milk futures were pressured by mostly lower cash markets despite a positive supply and demand report. Class III milk had June gaining 10 cents to $20.45, but the bulk of the futures curve fell. July fell 45 to $18.91, August fell 42 to $17.40, and September fell 44 cents to $16.94/cwt. Class IV milk saw June give up 44 cents to $13.50, July gained a penny to $15.55, and August fell 7 to $15.78/cwt.
The CME spot trade saw Dry whey down $0.0025 at $0.32. Fifteen trades were made ranging from $0.3175 to $0.32. Blocks unchanged at $2.54. Barrels down $0.01 at $2.3575. Butter down $0.0525 at $1.90. Nine sales were made ranging from $1.90 to $1.9525. Nonfat dry milk up $0.02 at $1.00. Seven trades were made ranging from $0.9825 to $1.00.
Feed and Grain markets were quiet after a quiet USDA Supply and Demand report. Corn gained 3 ½ to $3.29 ¾, soybeans gained half a cent to $8.66 even, and soybean meal gained 90 cents to $289.70/ton.
