On the Chicago Mercantile Exchange milk futures closed higher Tuesday supported by a bullish supply and demand report while cash trade was mixed. Class III market values responded to today’s product trade in a way that the market has become accustomed to. Low volumes as April traded less than 200 times. The only other contract to even clear 100 contracts was May. April added 14 cents/cwt to $17.89 while May 2021 through March 2022 ranged from 8 cents lower to 6 cents higher. The 2nd quarter 2021 average settled Tuesday at $18.10/cwt while the second half was at $18.24/cwt, respectively. Class IV markets were up as well in the months that traded anywhere from 4-20 cents/cwt.
The CME spot dairy auction ended Tuesday’s session in a slightly negative manner. Barrels down $0.0075 at $1.50. One sale was made at that price. Butter down $0.0125 at $1.68. Two trades were made at $1.68 and $1.6825. Nonfat dry milk down $0.0025 at $1.1750. One sale was made at that price. Dry whey unchanged at $0.5950. Blocks up $0.0175 at $1.75.
