Milk rallied Wednesday despite a lackluster CME spot trade. Class III milk had February fall 3 cents to $20.66, but March jumped 36 cents high to $22.04, April followed, gaining 62 cents to $22.51 and May was up 50 cents to $22.20/cwt.
Class IV milk was unchanged in February and March, but April climbed 49 cents to $24.25 and May up 10 cents to $23.64/cwt.
The CME spot trade was mixed with Butter gaining back 2 ½ cents to $2.53 ¼, Cheddar Blocks held unchanged at $1.90/lb and Barrels fell 3 ¼ cents to $1.85 ¾.
Grade A Non Fat Dry Milk gained 2 ¼ cents to $1.86 1/2/lb with Dry Whey falling 4 cents with 4 loads trading hands to $0.82 3/4/lb
Margins continue to tighten. After a USDA World Supply and Demand report that saw little adjustment to the US carry out picture, the world ending stocks saw corn and beans tighten. Dryness in South America continues to push corn higher, gaining 14 ½ cents to $6.46 ¾, Soybeans up 25 ¾ cents to $15.94 ¾, with Soybean meal up $7.80 to $461.90/ton.
