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.
