On the Chicago Mercantile Exchange, milk futures closed lower Wednesday ahead of the Thanksgiving holiday-shortened week with cash trade was mostly higher with strong butter movement. Class III milk futures saw much less volatility than what we have been accustomed to lately. November milk gained 14 cents to $23.17. December milk lost 7 to $16.09. January through December 2021 settled 6 cents lower to 14 cents higher. Class IV milk futures also saw very little movement.
In the CME Cash Dairy Product Trade, barrels up $0.0225 at $1.4225. Five trades were made ranging from $1.40 to $1.42. Butter up $0.05 at $1.36. Forty-four trades were made ranging from $1.3125 to $1.36. Nonfat dry milk up $0.0075 at $1.0950. Eleven trades were made ranging from $1.0875 to $1.0975. Dry whey unchanged at $0.43. Blocks unchanged at $1.68.
The grain complex saw both December 20 corn and January 21 soybeans put in contract highs. December corn climbed 5.50 cents to $4.2575 cents. January soybeans increased 6 to $11.7575/bushel. December soybean meal fell 90 cents to $394.90/ton. December Chicago Wheat added 2.50 cents to $5.9775/bushel.
