Class III milk futures fell sharply as spot cheese was slightly lower on the Chicago Mercantile Exchange Wednesday. July Class III milk was unchanged at $24.32 and August was down $.54 at $22.76, while September was down $.43 at $20.93 and October was down $.20 at $19.25. The milk futures from November through next June ranged from unchanged to twelve cents lower. Class IV milk also saw red today. July remains at $13.80/cwt. August descended 17 cents to $13.78. September dropped 13 to $14.32.
In the CME Cash Product Trade, Dry whey was down $.0050 at $.34 cents per pound. One sale was recorded at that price. Forty-pound blocks of cheese were down $.0375 at $2.6225 per pound. There were four sales recorded from $2.62 to $2.63. Barrels were down $.0150 at $2.45 per pound. Eight sales were recorded from $2.44 to $2.46. Grade AA Butter was up $.0050 at $1.6675 per pound. No sales were recorded. Nonfat dry milk was up $.0050 at $.9975 per pound. Two sales were recorded at $.9975 and $1.00.
December corn gained 4 cents to $3.3475/bushel. November soybeans improved 2.75 cents to $8.9550/bushel. August soybean meal gained $1.00 to $286.60/ton. September Chicago wheat added 6.75 cents to $5.3475/bushel. Fats and feeders were mixed. August live cattle lost 35 cents to $101.50/cwt. August feeders gained 20 cents to $141.52/cwt. September crude oil fell 8 cents to $41.84.