On the Chicago Mercantile Exchange milk futures continued higher Tuesday supported by somewhat stronger cheese trade ahead of USDA’s supply and demand report Wednesday.Class III Milk saw May gain 3 cents to 18.89, June jumped 18 to 19.00 even, and July gained 19 cents to 19.39/cwt. The second half of 2021 was unchanged to 19 higher and is averaging at 19.18/cwt. Class IV was unchanged in May at 16.07, June gained 9 cents to 16.84. and July was unchanged at 17.13/cwt. The second half of 2021 was unchanged.
Butter woke up and drove the spot dairy trade on Tuesday. Butter up $0.03 at $1.8125. Three trades were made at $1.80 to $1.8125. Blocks up $0.0025 at $1.77. Five trades were made from $1.75 to $1.7750. Dry whey unchanged at $0.6275. One sale was made at that price. Nonfat dry milk unchanged at $1.3225. Barrels down $0.0050 at $1.69. Five trades were made from $1.6750 to $1.70.
Grain markets moved higher ahead of Wednesday’s World Supply and Demand report from the USDA. July corn gained 10 ½ cents to 7.22 ¼, July Soybeans gained 27 ¼ to $16.14 ¾ with Soybean meal gaining $4.70 to $447/ton.
