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Milk Futures Tumble in Chicago Wednesday

On the Chicago Mercantile Exchange milk future tumbled Wednesday as cash cheese fell from its record high along with most other cash markets. Class III milk futures reacted negatively today as cheddar blocks were down lower.  July remained even at $24.34/cwt.  August milk dropped 44 cents lower to $22.96/cwt.  September milk declined 62 cents to $20.09/cwt.  Quarter 4 2020 descended 27-45 cents for an average of $17.43/cwt. 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, dry whey unchanged at $0.32.  Blocks down $0.19 at $2.80.  Barrels unchanged at $2.42.  Five trades were made at that price. Butter down $0.0525 at $1.6925.  Three trades were made ranging from $1.6925 to $1.72. Nonfat dry milk down $0.0050 at $1.01.  Five trades were made at $1.01 and $1.0125. 

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.  

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