On the Chicago Mercantile Exchange milk futures closed mixed Tuesday with mostly lower cash trade. This saw a fairly flat/mixed day in Class III milk. July gained 5 cents to $17.38, August and September were softer as the day traded and finished down 3 in Aug at 17.80 and September gained 1 to 17.96. First Quarter of 2020 was mixed as well ranging from 4 cents lower to 2 cents higher and averaged $16.73/cwt. Class IV milk gained back some of yesterday’s losses. July was unchanged at $16.91, August gained 5 to $17.14 and September gained 13 cents to finish at $17.36/cwt.
The CME spot product trade saw Butter gain a quarter of a cent to $2.39 1/2/lb with 2 trades, 7 bids and 2 offers. Dry whey down $0.0050 at $0.32. Two trades were made at that price. Blocks unchanged at $1.84. Six trades were made ranging from $1.8325 to $1.84. Barrels down $0.01 at $1.76. Fifteen trades were made ranging from $1.76 to $1.77. Nonfat dry milk down $0.0025 at $1.0375. One trade was made at that price.
Grain markets had a mixed day. July corn fell 6 ¾ cent to $4.31 ¾, July Soybeans gained 7 ½ cents to $8.82 ¾ which pulled July Soybean meal $3.70 higher to $307.90/ton. July Chicago Wheat fell 7 cents to $5.09 3/4.
