Class III shot higher on Monday at the Chicago Mercantile Exchange after sliding lower to finish the week, ahead of Tuesday’s Global Dairy Trade report despite mostly lower cash trade. Class III had June move 18 higher to $20.60, July gained 73 to $19.27 and August moved limit higher to $17.78/cwt. Balance of 2020 moved 32-68 higher. Class IV was much quieter, unchanged across the board outside of July fall 4 cents. June at $13.35, July sits at $15.23, and August at $15.45/cwt.
The CME spot trade, however, was mostly weaker. Dry whey down $0.0075 at $0.3050. Five trades were made at $0.3050 and $0.31. Blocks down $0.02 at $2.50. Three trades were made at that price. Barrels down $0.00125 at $2.32. Butter down $0.0225 at $1.8475. Five trades were made ranging from $1.84 to $1.8475. Nonfat dry milk up $0.0075 at $1.0125. Two trades were made at that price.
Grain markets continue to be rangebound, corn fell ¾ cents to $3.29 ¼, soybeans fell 2 ¼ to $8.69 even, with soybean meal falling 60 cents to $288.40/ton.
