Milk futures closed lower again Wednesday pressured by declining global prices and cash cheese markets. Class III futures saw further weakness today. August milk declined 33 cents to $19.51/lb. September fell 58 cents to $15.42/cwt. October tumbled 35 cents to $16.57/cwt. Class IV futures were mixed, ranging from positive 3 to negative 15.
Sellers have continued to push spot cheese lower in the CME Cash Dairy Product Trade. Blocks down $0.0875 at $1.71. One trade was made at that price. Barrels down $0.0825 at $1.3175. One trade was made at that price. Butter up $0.0025 at $1.5225. Twenty-two trades were made ranging from $1.51 to $1.5350. Nonfat dry milk up $0.0025 at $1.0150. Three sales were made at $1.0125 and $1.0150. Dry whey unchanged at $0.34.
December corn lost 2 cents to $3.3975/bushel. November soybeans added ¼ of a penny to $9.14/bushel. September Chicago Wheat increased 4.50 cents to $5.12/bushel. Fats and Feeders both saw strength. August live cattle gained 75 cents to $107.47/cwt. August feeders climbed 32 cents to $143.55/cwt. September crude oil finished 7 cents lower to $42.82/barrel.
