On the Chicago Mercantile Exchange milk futures carried their optimism through Thursday for the holiday-shortened week, supported by cash trade. April Class III futures were down 9 cents to $17.51/cwt. May milk jumped 18 cents to $18.41/cwt. June milk finished 16 cents higher to $18.60/cwt. July milk shot 27 cents higher to $18.69/cwt. Class IV saw gains of 3-11 cents in 2021 with 2022 up 8-20 cents.
The CME Cash Dairy Product Trade posted strong gains to start the month of April. Blocks up $0.0375 at $1.7750. Two trades were made at $1.7350 and $1.7750. Barrels up $0.03 at $1.5125. Four trades were made ranging from $1.49 to $1.5125. Butter up $0.0275 at $1.8450. Seven trades were made ranging from $1.8275 to $1.8450. Nonfat dry milk up $0.0050 at $1.19. Four trades were made at $1.1850 to $1.19. Dry whey unchanged $0.66.
The grain markets turned around after initial strength on the Wednesday night open. New crop corn and soybeans were able to maintain gains. May corn decreased 4.50 cents lower to $5.5975. May soybeans took a nosedive of 34.75 cents to $14.02/bushel. May soybean meal retreated $13/ton to $410.20/ton. May Chicago wheat declined 7 cents to $6.11/bushel.
