Class III milk rolled in this week looking to continue its momentum higher that ended last week with on the Chicago Mercantile Exchange. Milk futures started the week in lower trade pressured by declining cash cheese markets. Class III milk couldn’t sustain its rally following spot as futures dropped 44 cents in September to $16.44. Fourth quarter prices fell 15-23 cents while 2021 was up slightly. Class IV prices traded around 15 cents higher.
Futures traded as high as 30 cents stronger before the CME spot dairy auction where bids found initially but not for long. Dry whey up $0.0175 at $0.3425. Three sales were made ranging from $0.3350 to $0.3425. Blocks down $0.0050 at $1.8150. Four trades were made at $1.8225. Barrels down $0.04 at $1.46. Three trades were made ranging from $1.4550 to $1.5025. Butter up $0.0550 at $1.54. Six trades were made ranging from $1.5357 to $1.5575. Nonfat dry milk up $0.0150 at $0.98. Three sales were made at that price.
Grains continued its rally following last week’s USDA report and Iowa storm damage. Corn rose 6 and three-quarter cents to $3.44 and three-quarters. Soybeans jumped 16 and a half cents to $9.15 per bushel.
