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Milk Futures Start the Week Lower in Chicago

On the Chicago Mercantile Exchange milk futures closed Monday mostly lower while trying to find a new trading range, butter saw strong support. Class III values began Monday’s session in double digit negative territory but managed to dig out of that hole and close just a nickel lower March through July 2021 while August through December was even to a dime higher.  The second half 2021 average is now offering dairy producers a $17.95/cwt average and even touched $18.00.  Class IV markets rose following butter’s impressive move but only a modest 15 – 25 cents/cwt.

The CME spot dairy auction turned in an even to stronger session to kick off this week.   Butter up $0.1650 at $1.6350.  Three trades were made ranging from $1.63 to $1.65. Blocks up $0.0075 at $1.6250.  Four sales were made ranging from $1.6175 to $1.6250. Nonfat dry milk up $0.01 at $1.1425.  Sixteen trades were made at $1.1350 to $1.1425. Dry whey unchanged at $0.5575.  One sale was made at that price. Barrels unchanged at $1.42.  One sale was made at that price.

Grain values ended Monday in a sea of red following a mainly higher overnight session.  Corn lost 8 cents on the front end while new crop was down 2 cents.  Soybeans weakened 12-13 cents/bu while meal was off $3/ton.  The wheat complex fell 5-11 cents/bu.

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