Milk futures on the Chicago Mercantile closed lower at midweek as traders gave back some overbought positions. Class III milk was mixed with the 2nd quarter trading 1-4 cents higher while the 2nd half ranged from even to 6 cents lower. The second half of the year is averaging $16.57 per cwt. Class IV was all over the board with markets 7 cents lower in August to 5 higher in July and December.
Dry whey down $0.0050 at $0.33. One trade was made at that price. Blocks down $0.0025 at $1.67. Five trades were made at that price. Barrels up $0.0250 at $1.60. Seven trades were made ranging from $1.5750 to $1.60. Butter down $0.0075 at $2.2550. Four trades were made ranging from $2.25 to $2.2550. Nonfat dry milk up $0.0075 at $1.02. Two trades were made at $1.0175 to $1.02.
