On the Chicago Mercantile Exchange milk futures were pressed at midweek by falling cash trade and strength in grain markets. Class III dairy prices lost early gains as cheese found a couple sellers. August through October declined 29-35 cents/cwt while November and December were down 19 and 10 cents, respectively. 2022 prices were unchanged except for February adding 5 cents and August falling 4 cents. Class IV milk prices saw gains of 2-17 cents over the August through December 2021 months while 2022 was unchanged.
CME spot product markets had dry whey down $0.0175 at $0.52. Two sales were made at $0.52 and $0.53. Blocks down $0.0150 at $1.7375. Two sales were made at $1.7350 and $1.76. Barrels down $0.0525 and $1.5950. Two sales were made at $1.5950 and $1.6150. Butter unchanged at $1.71. Eleven sales were made from $1.71 to $1.7450. Nonfat dry milk down $0.0275 at $1.24. Three sales were made from $1.2425 to $1.25.
Corn prices rose 16-18 cents/bu from Sept 2021 to July 2022. Soybean meal added $9.5-$12/ton out through 2023 markets. Soybeans traded 31.5 cents/bu higher in the new crop November price with the settlement posted at $13.8325/bu. Wheat markets followed suit jumping 13-20 cents/bu across the three complexes.
