Milk futures higher, cash flat
Milk futures on the Chicago Mercantile Exchange saw major gains Wednesday ahead of the monthly dairy products report while most cash trade was dimmed by the holiday-shortened week.
July Class III milk 50 cents higher at $22.85. August up 66 cents at $20.41. September 45 cents higher at $18.36. October 38 cents higher at $17.38. November through January contracts two to 25 cents higher.
Dry whey up $0.0125 at $0.33. Seven trades were made ranging from $0.31 to $0.3175.
Blocks unchanged at $2.64.
Barrels unchanged at $2.40.
Butter down $0.0150 at $1.75. Four trades were made at $1.7475 and $1.75.
Nonfat dry milk unchanged at $1.0050.
The USDA has adjusted June Class and Component prices higher. The Class II milk price was set at $12.99 per hundredweight, up $0.69 from May, the Class III price was $21.04, $9.80 higher, and Class IV was $12.90, up $2.23.