On the Chicago Mercantile Exchange milk futures traded mostly higher Thursday as a second Market Facilitation Program payment and increasing dairy cattle slaughter brings optimism to the market. Class III milk was up strongly through June of 2020. Gaining 5 cents in May to $16.38, 10 cents in June to 16.44 and July – Dec months gained 8-12 cents to average $16.87/cwt.
Dry whey down $0.0075 at $0.3575. Two trades were made at $0.3575 and $0.36. Blocks unchanged at $1.6825. Barrels up $0.0125 at $1.6150. Eleven trades were made ranging from $1.6075 to $1.6150. Butter up $0.0475 at $2.3875. Five trades were made ranging from $2.37 to $2.3875. Nonfat dry milk up $0.0050 at $1.0525. Eight trades were made ranging from $1.05 to $1.0525.
USDA announcements of MFP payments also caused Corn, Soybeans, and wheat to drop sharply. Though many details are still unknown, it appears payments will be made to corn, soy, and wheat growers as well as dairy producers. It was not announced what amount each will see.
