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.
