On the Chicago Mercantile Exchange milk futures continued lower Tuesday following the bearish cold storage report. April Class III futures have decreased steadily across the last 8 trading days, giving back roughly $1.50/cwt. May milk lost a dime to $17.48/cwt. June was down 1 to $17.67/cwt. Class IV milk moved slightly higher.
The CME Cash Dairy Product Trade continues to trade relatively quiet. Dry whey unchanged at $0.6125. Blocks down $0.0450 at $1.7150. One trade was made at that price. Barrels up $0.0025 at $1.44. Butter up $0.0350 at $1.70. One trade was made at that price. Nonfat dry milk up $0.01 at $1.15. One trade was made at that price.
Soybeans moved higher on initial strength out of the Soy Oil market, before giving back some of the early gains. May soybeans finished 5.75 cents higher to $14.2325/bushel. May corn traded both sides of $5.50/bushel before settling at $5.5125. May soybean meal rose $2.20 to $398.80/ton.
