meta Milk Futures Fall as Grain Prices Set Contract Highs in Chicago Thursday :: The Bullvine - The Dairy Information You Want To Know When You Need It

Milk Futures Fall as Grain Prices Set Contract Highs in Chicago Thursday


On the Chicago Mercantile Exchange milk futures traded lower as a run up in grain markets continues to pressure prices.  Class III milk futures crashed after the move lower in spot cheese.  May milk lost 28 cents to $18.87/cwt.  June milk finished limit down to $19.01/cwt.  July milk dropped 61 cents to $19.25/cwt.  Class IV milk settled lower on the day as well.

Cheese prices sliced back through its most recent gains in the CME Cash Dairy Product Trade.  Blocks down $0.0425 at $1.76.  Three trades were made from $1.76 to $1.7975.    Barrels down $0.07 at $1.7750.  One trade was made at $1.8225.  Butter up $0.0125 at $1.7475.  Four trades were made from $1.7350 to $1.75.  Nonfat dry milk down $0.0125 at $1.3450.  Five sales were made from $1.3450 to $1.35.  Dry whey unchanged at $0.6475.   

Grains exploded higher and set new contract highs once again.  December corn rocketed 20.75 cents higher to $6.2550/bushel.  November soybeans surged $14.09/bushel.  May soybean meal was up $3.40 to $427.70/ton.  May Chicago Wheat gained 8.50 cents to $7.6425/bushel.


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