On the Chicago Mercantile Exchange milk futures found strength Monday supported by strong cash cheese movement. Class III milk quietly followed cheese. Aug gained 1 to 19.61, September gained 67 tp 15.80, and Oct gained 58 to 16.91/cwt. Balance of 2020 and 2021 markets saw gains of 5-47 cents Class IV milk failed to follow along. Aug fell 5 cents to 12.80, Sept fell10 to 13.16 and Oct was unchaged at 13.89/cwt.
Cheese jumps higher in a quiet dairy trade. Blocks up $0.08 at $1.73. Barrels up $0.03 at $1.36. Five trades were made ranging from $1.36 to $1.37. Butter unchanged at $1.5150. Nine trades were made ranging from $1.5075 to $1.53. Nonfat dry milk down $0.0025 at $0.9950. Two sales were made at $0.9850 and $0.9975. Dry whey down $0.0050 at $0.33. Two sales were made at $0.33 and $0.3325.
Feed and Grain markets moved higher with Dec corn up 4 ½ cents to 3.45 even, November soybeans gained a penny to 9.05 ¾, and Soybeanmeal fell 1.10 to $289.10/ton
The USDA released the July cold Storage information. Butter inventories came in at 373 Million lbs, up 10 Million lbs since June compared with the 5 year average of a 3 million lb drop. Total cheese stocks came in at 1.393 billion lbs, up 32 million lbs from July 2019.
