CME: Mixed Trends in Milk Futures and Cash Dairy, Influenced by Dollar Strength
Milk futures on the Chicago Mercantile Exchange exhibited mixed trends, influenced by some cash activity and the impact of a stronger dollar looming over the market.
Key Highlights:
Cash Market:
The market dynamics were influenced by both cash activity and the prevailing strength of the dollar.
- February Class III milk futures experienced a decline of 19 cents, settling at $15.70.
- March contracts were 16 cents lower, closing at $15.97.
- April futures saw a decrease of nine cents, ending at $16.63.
- May contracts recorded a 13-cent drop, settling at $17.30.
- June through August contracts exhibited declines ranging from 11 to 20 cents.
Cash Market:
- Dry whey prices saw an increase of $0.0075, reaching $0.4350.
- Blocks remained unchanged at $1.50, with two sales reported at $1.14975 and $1.50.
- Barrels experienced a decline of $0.0075, closing at $1.46.
- Butter prices remained unchanged at $2.5450.
- Nonfat dry milk prices increased by $0.0150, reaching $1.19, with one sale reported at that price.
The market dynamics were influenced by both cash activity and the prevailing strength of the dollar.
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