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Holiday optimism drives markets higher in Chicago Thursday

On the Chicago Mercantile Exchange milk futures closed higher Thursday on holiday optimism and strong cheese demand. Class III milk futures ended the week on a higher note.  July milk added 12 cents to $22.97/cwt.  August milk rocketed 54 cents higher to $20.95.  September increased 45 cents to $18.81/cwt.  Second half 2020 average is $18.99/cwt.  Class IV futures were relatively unchanged.

In the CME Cash Dairy Product Trade,  dry whey unchanged at $0.33.    Blocks up $0.0350 at $2.6750.  Six trades were made ranging from $2.66 to $2.68.  Barrels up $0.0150 at $2.4150.  Four trades were made at $2.41 and $2.4150. Butter down $0.0125 at $1.7375.  Nonfat dry milk up $0.0050 at $1.01.  Markets will be closed on July 3rd for the holiday.

The grain complex receded today.  December corn tumbled 7.50 cents to $3.53/bushel.  November soybeans fell 1.75 cents to $8.9725/bushel.  September Chicago W=wheat decreased 6.75 cents to $4.92/bushel.  August live cattle rallied $2.75 to $100.05/cwt.  August feeders climbed $2.82 to $135.90/cwt.  August crude oil launched a 51-cent gain to $40.33.  

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