On the Chicago Mercantile Exchange a vast swath of red filled the markets on Tuesday as traders hit the sell button. Milk futures were again limit down Wednesday pressured by declining global markets and significant declines in cash trade ahead of a bearish dairy product report. Class III milk markets were beaten up hard following product trade. August collapsed $1.10, September lost the limit of $1.50 per cwt, and October was down 90 cents per cwt. Unfortunately, the pain inflicted didn’t stop there with November off 50 cents and December through most of 2021 10-30 cents lower. Class IV markets were down 40-60 cents in 2020.
Dry whey unchanged at $0.33. Blocks down $0.1475 at $1.93. Thirteen sales were made ranging from $1.93 to $2.05. Barrels down $0.2050 at $1.8150. Five trades were made at $1.8150 and $1.87. Butter down $0.1550 at $1.4250. Twenty-five trades were made ranging from $1.4250 to $1.50. Nonfat dry milk down $0.02 at $0.9450.
Grains watched corn fall 8 cents to a new contract low of $3.20 per bu. Soybeans lost 14.5 to $8.81 ¾ while the wheat complex ranged from 4-12 cents in the red.