On the Chicago Mercantile Exchange milk futures fell Tuesday as traders correct overbought positions and block cheese finally sees negative movement. Class III milk futures reacted negatively today as cheddar blocks were down lower. July Class III milk unchanged at $24.34. August down 31 cents at $23.09. September 48 cents lower at $20.23. October 36 cents lower at $18.40. November through January contracts 17 to 19 cents lower. Class IV milk futures settled even to higher today. July milk remains at $14.03/cwt. August gained 16 cents to $14.51/cwt. The second half of 2020 is averaging $14.86.
In the CME Cash Dairy Product Trade, blocks fell 1 penny to $2.99/lb. Dry whey up $0.0025 at $0.32. Barrels up $0.0175 at $2.42. Butter up $0.0175 at $1.7450. Five trades were made at $1.7450 to $1.75. Nonfat dry milk unchanged at $1.0150. Two trades were made at $1.0125 and $1.0150.
The grain complex ended up mixed today. December corn fell 2.75 cents to $3.3375/bushel. November soybeans added 2.25 cents to $8.7750/bushel. July soybean meal climbed 60 cents to $283.70/ton. September Chicago Wheat improved 2 cents to $5.2675/bushel.
