Discover why milk futures on the Chicago Mercantile Exchange surged on Tuesday amidst mixed cash trade activity. Dive into the details with us.
On Tuesday, there was a notable upturn on the Chicago Mercantile Exchange. Here’s where it gets interesting – milk futures actually continued to climb higher, even while cash trade settled in mixed activity.
- May Class III Milk: Positioned 2 cents higher at $18.39.
- June: Climbed even more significantly, 45 cents higher at $18.70.
- July: Followed June’s growth trend, up 45 cents at $18.87.
- August: Added 37 cents, reaching $18.94.
- September through November contracts: These ranged between eight to 25 cents higher.
In other interesting news, dry whey remained unchanged at $0.3750, while ‘blocks’ dipped slightly by $0.0025 to $1.7475. It’s worth noting that there was a single transaction made at that price. Conversely, ‘barrels’ rose by $0.0825 to arrive at $1.8550, with one notable sale made at $1.8350.
Butter managed to hold steady at $2.9650. Perhaps the crowning development, though, was nonfat dry milk, which pushed upwards by $0.01 to close the day at $1.12.
The fluctuating figures for the different months and products not only highlight the changes in the market but also hint towards future trends. Knowledge of this multifaceted landscape is crucial in grasping the future of commodities trading.
Summary: Milk futures on the Chicago Mercantile Exchange rose on Tuesday, with Class III milk up 2 cents to $18.39. Cash trade settled in mixed activity, with contracts from September through November increasing eight to 25 cents. Dry whey remained unchanged, while blocks and barrels rose. Butter remained unchanged and nonfat dry milk increased $0.01 at $1.12.
