On the Chicago Mercantile Exchange, milk futures closed mixed Tuesday as traders work to find a new trading range amid strong cheese prices and growing global demand. Class III milk was mixed during trading. Starting the day higher and seeing a sell-off prior to the 11 a.m. cheese trade and price faded as our day progressed. July finished up 19 to $23.44, August fell 14 to $21.50, and September fell 2 to $19.13/cwt. Class IV milk saw gains nearby. July up 1 to $14.27, August gained 3 to $14.95, and Sept gained 9 to $15.19 /cwt.
The CME spot market saw Dry whey down $0.0250 at $0.2875. Eight sales were made ranging from $0.2850 to $0.30. Blocks up $0.01 at $2.71. Two trades were made at $2.7075 and $2.71. Barrels unchanged at $2.37. Butter down $0.0075 at $1.7375. Four trades were made ranging from $1.7350 to $1.7525. Nonfat dry milk up $0.02 at $1.0325. Twenty-four trades were made ranging from $1.0150 to $1.0325.
Grain markets saw selling pressure as well Tuesday. Corn fell 1 ½ to $3.45 even, soybeans fell 3 ¼ to $8.95 ¼, and soybean meal slid $2.10 lower to $293.30/ton.