On the Chicago Mercantile Exchange milk futures turned higher Wednesday correcting oversold positions and supported somewhat by improving cash trade. February gained 1 penny to $15.65 per cwt. March added 22 cents to $16.08 per cwt. April jumped 29 cents to $16.74. Second half remains well supported at $17.36-$17.89. Class IV futures moved lower.
On CME Cash Dairy Product Trade dry whey down $0.0025 at $0.5450. Blocks up $0.02 at $1.59. One sale was made at that price. Barrels unchanged at $1.3825. Butter down $0.0225 at $1.4650. One sale was made at that price. Nonfat dry milk up $0.0050 at $1.0950. One sale was made at that price.
Grains soared higher on the heels of soybeans. May soybeans settled at $14.2575. The contract high was set at $14.33 per bushel a couple weeks back. May corn saw a 4.50 cent bounce to $5.57 per bushel. Both new crop corn and soybeans achieved new contract highs. March soybean meal finished $1.80 to $428.30 per ton. May Chicago Wheat rallied 15.75 cents to $6.8550 per bushel.
