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Midweek Sees Milk Markets Higher in Chicago

On the Chicago Mercantile Exchange milk futures turned back higher at midweek despite the continued decline in cheese markets. Class III moved higher with a short-term rally during trading. November Class finished 15 higher to $20.19, December saw a 40-cent swing during trading to finish 10 higher at $18.79, and 2020 saw Jan – March trade 9-12 higher with an average price of $17.33 per cwt. Class IV was unchanged across the board, November at $16.73, December at $16.93, and January – March averaging at $17.30 per cwt. 

The CME spot trade was weaker with the exception of dry whey, Dry whey up $0.0075 at $0.29. Six sales were made at $0.2875 and $0.29. Blocks down $0.03 at $1.91. Four sales were made ranging from $1.8850 to $1.91. Barrels down $0.0350 at $2.38. Two trades were made at $2.27 and $2.28. Butter down $0.0025 at $2.0650. One trade was made at that price. Nonfat dry milk unchanged at $1.2175. Ten trades were made at that price.

Grain markets saw December corn fall 2 ¼ to $3.75 ¼, November soybeans fell 3 ¼ to $9.02 ½, and December soybean meal gained $1.80 to $304.10 per ton.

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