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Milk Futures Close Higher in Chicago Midweek

On the Chicago Mercantile Exchange milk futures closed higher Wednesday with traders optimistic from supply and demand expectations while cash trade was mixed. Class IV milk was our big mover – following butter higher. October gained 8 cents to 16.95, November added a massive 38 cents to $17.90, and gained 36 in December to $18.29.  First half of 2022 gained 20-34 cents and sits at a 18.04/cwt.  Pushing it higher than Class III in 2022. Class III milk was steady. October fell 1 cent to 17.88, November gained 4 to 18.85, and December gained 2 cents to 18.38/cwt. First half of 2022 gained 1-8 cents and is averaging at $18.00/cwt even.

On spot trade, butter traded 5 loads and jumping 6 cents higher to $1.82/lb . Cheddar Blocks and Barrels slid a bit, Blocks down 2 ¼ cents to $1.76/lb and Barrels down ½ cent to $1.74 ½. The block/barrel spread holding at 1 ½ cents with a $1.75 average price for Cheese.

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