Milk Futures Down as Traders Correct Overbought Positions in Chicago Thursday

On the Chicago Mercantile Exchange milk futures fell Thursday after traders corrected overbought positions while cash trade was mixed. Class IV milk jumped higher to print $18 for fall. May finished the day up 12 to 16.21, June up 16 cents at 17.00, and July up 33 cents to 17.45/cwt. Class III gave back some of yesterday’s impressive gains. May fell 4 cents to 19.03, June down 2 to 19.62, and July fell 20 cents to 19.88/cwt.

The CME spot market saw dry whey up $0.0050 at $0.6350. One trade was made at that price. Blocks down $0.0250 at $1.7875. Fourteen trades were made from $1.78675 to $1.7950. Barrels up $0.0250 at $1.78. Three trades were made at $1.77 and $1.78. Butter up $0.0150 at $1.8650. Nonfat dry milk up $0.0025 at $1.31. Four trades were made from $1.31 to $1.32.

Corn was down limit in July to 6.74 ¾, falling 40 cents, while December slipped 34 ¾ cents lower to 5.58 ¼. Soybeans fell 58 ½ cents in July to 15.84 and Soybean meal slid 27.40 to $421.40/ton.