On the Chicago Mercantile Exchange milk futures were mixed at midweek as traders balance improving global markets with negative cash cheese movement. Class III milk fell 10 cents in January to $17.00 even, February also moved 10 lower to $17.09 and March fell 7 to $17.34, the balance of 2020 was even to a couple cents higher. Our first half average sits at $17.25 per cwt. Class IV milk fell 1 in January to $16.79, fell 8 in February to $16.95 and march moved 9 lower to $17.27. June – December was unchanged and our first half average for Class IV milk sits at $17.41 per cwt.
Wednesday saw the CME spot trade move mostly lower, Dry whey down $0.0025 at $0.3225. Ten sales were made at that price. Blocks down $0.0375 at $1.8425. Eight trades were made ranging from $1.8425 to $1.85. Barrels down $0.0625 at $1.58. Eight trades were made ranging from $1.58 to $1.6025. Butter down $0.01 at $1.87. Two trades were made at $1.8525 and $1.8575. Nonfat dry milk up $0.0050 at $1.26. Two trades were made at $1.26 and $1.2650.
Grain markets were mixed ahead of Friday’s January USDA supply and demand report. March corn fell a quarter of a cent to $3.84 ¼, January soybeans gained 3 ¼ to $9.38 ¼, and January soybean meal gained 50 cents to $296.90 per ton.
