On the Chicago Mercantile Exchange milk futures were higher Tuesday with positive gains seen in most ag commodities following the monthly supply and demand report, cash markets remained quiet. Class III milk futures rallied higher as spot cheese took a breather from its freefall last week into yesterday and held firm today. November milk added 34 cents to $23.80/cwt. December finished limit up to $19.81/cwt. January gained 61 cents to $18.40/cwt. February through December settled 0-18 cents higher today.
On the spot market dry whey unchanged at $0.4225. Blocks unchanged at $2.2925. One trade was made at that price. Barrels unchanged at $2.21. Butter down $0.0325 at $1.43. Two trades were made at $1.43 and $1.44. Nonfat dry milk up $0.01 at $1.0775. Two trades were made at $1.0725 and $1.0775.
Soybeans led the grain complex higher off the friendly USDA WASDE report. November soybeans rallied 33.25 cents to $11.3825/bushel. December soybean meal skyrocketed $10.70 to $394.80/ton. December corn gained 15.50 cents to $4.23/bushel. December 20 corn set a contract high at $4.2725/bushel. December Chicago Wheat climbed 11 cents to $6.0850/bushel. December crude oil increased $1.08 to $41.38/barrel.
