On the Chicago Mercantile Exchange milk futures continued their strength into midweek supported by strong cash cheese trade. Nearby class III futures months traded higher on the day. May milk was up 2 cents to $18.98/cwt. June milk added 24 to $17.95/cwt. July milk surged 38¢ to $18.59/cwt.
Cheese showed signs of life after a long stretch of negative trading sessions in the CME Cash Dairy Product Trade. Blocks up $0.0475 at $1.5675. Ten trades were made from $1.5525 to $1.5675. Barrels up $0.0275 at $1.6425. Four sales were made from $1.6250 to $1.6450. Butter down $0.0350 at $1.7850. Two sales were made at $1.7825 and $1.79. Nonfat dry milk down $0.0125 at $1.29. Eight trades were made at $1.29 to $1.3125. Dry whey unchanged at $0.6525.
Grain markets were mixed coming off early morning lows. December corn moved as low as $5.0025, settling at $5.2075/bushel. November soybeans inched a quarter cent lower to $13.47/bushel. July soybean meal fell another $2.50 to $383.80/ton. September Chicago Wheat finished at $6.5250/bushel.
