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Milk Futures See Major Gains in Chicago Wednesday

On the Chicago Mercantile Exchange milk futures saw major gains Wednesday ahead of the monthly dairy products report while most cash trade was dimmed by the holiday-shortened week.  Class III moved higher – June announced price is 21.04, July gained 66 to 20.41 and Aug gained 45 to 18.36. Class IV announced June price is $12.90, July gained 1 to 14.74, and Aug gained 11 to 15.09.

The CME spot trade saw Dry whey up $0.0125 at $0.33.   Seven trades were made ranging from $0.31 to $0.3175. Blocks unchanged at $2.64.  Barrels unchanged at $2.40. Butter down $0.0150 at $1.75.  Four trades were made at $1.7475 and $1.75. Nonfat dry milk unchanged at $1.0050. 

The grain complex continued moving higher. Corn begins July trading 9 ¾ higher to 3.48 ¼, Soybeans followed suit, gaining 9 ½ to 8.93 ¾, and November soybeans finished the day at 8.99 even but traded over $9 for the first time since March. Soybean meal moved $6.40 higher to 292.70.

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