On the Chicago Mercantile Exchange milk futures turned around Tuesday taking back earlier week gains as the cash market took a dive lower. After posting the highest spot class III prices yesterday in 5 months, class III prices retreated significantly with sell side pressure showing up in spot cheese. April milk settled 26 cents lower to $17.60/cwt. May drifted 47 cents lower to $19.49/cwt. 52 cents evaporated off of the June contract to $19.50/cwt.
On the CME Cash Dairy Product Trade dry whey up $0.01 $0.66. One sale was made at that price. Blocks down $0.0550 at $1.8050. Barrels down $0.0450 at $1.72. Nine trades were made at $1.7175 and $1.72. Butter down $0.01 at $1.8950. Three sales were made from $1.89 to $1.9050. Nonfat dry milk down $0.01 at $1.2050. Three trades were made at $1.20 and $1.2050.
Soybean meal was the lone feed input to retreat lower. May soybean meal sank $6.90 to $395/ton. May soybeans gained 7.50 cents to $13.8950/bushel. May corn jumped 11 cents to $5.80/bushel. May Chicago Wheat was up 1.75 cents to $6.2975/bushel.