On the Chicago Mercantile Exchange, milk futures were mostly higher Thursday while cash markets were higher with a large movement for butter and nonfat dry milk. CME milk prices were led by November which jumped to $23.30 and December rose 20 cents to $20.35/cwt. 2021 Class III prices ranged from 8 cents lower to thirteen higher. Class IV markets failed to trade on Thursday but ended with many month’s bids/offers higher than Wednesday’s settlements.
October Class III milk down six cents at $21.59. November 35 cents higher at $23.28. December up 23 cents at $20.38. January 11 cents higher at $18.02. February through April contracts one to 13 cents higher.
The CME spot dairy product session was highlighted by Butter up $0.0475 at $1.43. Eighteen trades were made ranging from $1.40 to $1.4375. Nonfat dry milk up to $0.0175 at $1.0975. Eighteen trades were made ranging from $1.09 to $1.0975. Dry whey up $0.0050 at $0.40. Blocks unchanged at $2.7725. Barrels unchanged at $2.47.
Grain prices overnight were whacked as better weather has shown up in South America for planting. Fund profit-taking had prices on the run but solid export sales limited the damage in corn, soybeans, and wheat. In the end, corn lost 3 cents and ducked its head back beneath $4/bu while soybeans lost 5.5 cents/bu. November soybeans settled at $10.52/bu. The wheat complex lost 1-5 cents as well.
