On the Chicago Mercantile Exchange milk futures dropped off at midweek as traders corrected overbought positions, cash markets were also mixed. Class III milk prices traded 13 cents higher to $21.30/cwt. November lost 14 while December ended unchanged. 2021 prices ranged from 10 cents lower to 2 cents higher. First half 2021 Class III average is now offering dairy producers a price of $16.58/cwt. Class IV prices settled 20 cents higher on Wednesday as well.
CME product values proceeded higher once again on Wednesday. Blocks up $0.0025 at $2.72. Three trades were made at $2.72 and $2.7225. Barrels up $0.0650 at $2.2050. Butter up $0.0250 at $1.50. One trade was made at that price. Dry whey down $0.0050 at $0.3875. One trade was made at that price. Nonfat dry milk down $0.0025 at $1.1350. Eleven trades were made ranging from $1.1350 to $1.14.
Grain prices caught some strength following further dryness in South America. December corn traded 5 cents higher and ended at $3.965/bu. Soybeans moved 12 cents in the positive direction to $10.56. Soybean meal gained $7/ton in December. The wheat complex was up 1-4 cents as well.
