On the Chicago Mercantile Exchange milk futures closed higher Tuesday supported by declining grain prices and strong global markets. Class III markets reacted favorably as October traded 60 cents stronger to $17.44/cwt, November was up 37 cents, and December tacked 21 cents on. First half 2022 ranged from 2 cents to 22 higher. Class IV markets continue to rally with many months 10-25 cents in the green out through October 2022.
The CME spot product markets followed up with a mainly stronger session itself. Dry whey up $0.02 at $0.5050. One sale was made at $0.50. Blocks unchanged at $1.7350. Barrels up $0.0375 at $1.43. One trade was made at $1.4150. Butter down $0.01 at $1.7875. Fifteen trades were made from $1.7850 to $1.7975. Nonfat dry milk up $0.02 at $1.36. Three trades were made at that price.
Global Dairy Trade Event 291 took place Tuesday morning with the overall complex adding 4%. Skim milk powder led the categories higher, up 7.3 percent, followed by lactose, up 6.4 percent.
