On the Chicago Mercantile Exchange milk futures continued to sell off Thursday pressured by declines on the cash market. Class III mIlk gained 4 cents in June to $17.29, July fell 15 cents to 16.82, and Aug fell 25 cents to 17.44/cwt. The balance of 2021 fell 4-21 cents. Class IV milk also followed the trend. June was unchanged at 16.48, July fell 22 to 16.38, and August fell 19 cents to 16.64/cwt.
The CME spot dairy trade saw cheese get squeezed lower. Blocks down $0.02 at $1.49. One sale was made at that price. Barrels down $0.0650 at $1.57. Five trades were made at $1.5650 and $1.57. Butter unchanged at $1.8050. Nonfat dry milk down $0.0150 at $1.25. Four sales were $1.25 and $1.2525. Dry whey unchanged at $0.5925.
Corn finished limit move lower, down 40 cents to 6.33/bu, Soybeans had expanded limits after soy oil finished a limit move lower on Tuesday. Soybeans tumbled $1.18 ¾ lower to $13.29 ¾, A move of $3.37 off the July contract high. Soybean meal moved $17.70 lower to $361.50/ton.
