Class III Sell Off in Chicago Drives Futures Down

Class III futures sold off today as block cheese trembled on the Chicago Mercantile Exchange. Milk futures closed mostly limit down Wednesday as traders take back oversold positions and block cheese finally starts to come off recent highs. June milk dropped 8 cents to $20.92/cwt. July-October finished limit down, settling 75 cents lower. July milk sits at $21.56/cwt. August milk resides at $19.55/cwt. Q3 2020 average is $19.68/cwt. Q4 is averaging $16.48/cwt. Class IV milk futures fell lower today as well. June milk settled at $13.25/cwt. July lost 10 cents to $14.70/cwt. August finished 15 cents lower to $15.20/cwt. Second half average sits at $15.57/cwt.

In the CME cash dairy product trade, Dry whey down $0.0050 at $0.3025. Six trades were made at $0.3025 and $0.3050. Blocks down $0.23 at $2.58. Five trades were made at $2.58 and $2.81. Barrels up $0.03 at $2.40. One trade was made at that price. Butter down $0.0250 at $1.7875. Five trades were made ranging from $1.7875 to $1.7925. Nonfat dry milk down $0.0025 at $1.0275. One trade was made at that price.

December corn finished 3 cents lower to $3.3375/bushel. November soybeans fell 4 cents to $8.70/bushel. July soybean meal gained 40 cents to $286.70/ton. September Chicago wheat tumbled 5.25 cents to $4.8575. June live cattle dropped 22 cents to $93.30/cwt. August feeders gave up 32 cents to $132.87/cwt. August crude oil finished $2.24 lower to $38.13.