On the Chicago Mercantile Exchange milk futures continue higher Monday with optimism for another food box program purchase while cash trade remained quietly higher. Class III milk futures surged higher to follow up Friday’s limit move. October remains at $21.63/cwt. November milk climbed 50 cents to $22.69/cwt. December milk skyrocketed 87 cents to $21.03/cwt. January milk increased 49 cents. Class IV futures continue to trade in the $13-$14 range.
Blocks and barrels remained steady in the CME Cash Dairy Product Trade. Blocks unchanged at $2.7725. Barrels unchanged at $2.4550. Butter up $0.0050 at $1.44. Nonfat dry milk down $0.0050 at $1.0975. Two trades were at that price. Dry whey up $0.0050 at $0.39. One trade was made at that price.
The grain complex was a mixed bag. December corn lost 1.50 cents to $4.1775/bushel. November soybeans gained 4 cents to $10.8775/bushel. December soybean meal is now over a $100/ton off its low, now sitting at $389.60/ton. December Chicago Wheat decreased 12.75 cents to $6.20/bushel.
