Volatility continues as Class III bounces back Wednesday, on the Chicago Mercantile Exchange. Milk futures turned higher as traders worked to correct oversold positions, cash markets were mostly lower. September Class III traded almost a $1.30 range higher and lower to settle the day in the green. August finished the day 27 higher to $19.55, September up 33 to $17.00 and October finished 53 higher to $17.34/cwt. Fourth quarter of 2020 is averaging at $17.09/cwt as November finished 76 higher and December gained a whopping 60 cents back. Class IV milk also surged higher. August up 23 to $13.08, Sept up 8 at $13.02, and Oct up 35 cents to $13.50/cwt. July Class III price was announced at $24.54/cwt, Class IV at $13.76.
This all came after a giant volume trade in the CME spot market. Dry whey down $0.01 at $0.32. Eight sales were made ranging from $0.3250 to $0.3325. Blocks down $0.1150 at $1.8150. Nine sales were made ranging from $1.8025 to $1.82. Barrels down $0.1725 at $1.6425. Nine trades were made at $1.62 to $1.6425. Butter down $0.1150 at $1.54. Three trades were made ranging from $1.5225 to $1.54. Nonfat dry milk up $0.0275 at $0.9725. One trade was made at that price.
