On the Chicago Mercantile Exchange milk futures found strength Tuesday from improving cash trade and declining grain prices. Class IV say most of 2022 react kindly to the strength in butter. August held unchanged at 15.94 and Sept gained 3 to 16.20, but October – July of 2022 had double digit gains of 12-27 cents higher. Class IV milk is quickly catching up to Class III, but Class III also showed strength on Tuesday. August up 1 cent to 15.98, September up 9 to 16.75, and October jumped 24 cents to $16.90/cwt. 2022 gained 15-20 cents
The CME spot trade however, saw everything hold unchanged or move higher. Dry whey unchanged at $0.4975. Blocks unchanged at $1.71. Barrels up $0.0150 at $1.38. Butter up $0.05 at $1.7650. Fourteen trades were made from $1.73 to $1.7650. Nonfat dry milk up $0.0175 at $1.32. Two trades were made at that price.
Feed prices continued the slow grind lower. Corn fell 8 ½ cents in December to 5.34 ¼, Soybeans fell 10 ¾ cents to 12.92 ½ with soybean meal softening $1.90 to $343.10/ton.
