meta Free Fall in Grain Markets Causes CME Milk Futures to Close Lower in Chicago Tuesday | The Bullvine

Free Fall in Grain Markets Causes CME Milk Futures to Close Lower in Chicago Tuesday

Wednesday, July 7th, 2021

On the Chicago Mercantile Exchange milk futures closed lower Tuesday following the freefall in grain markets. Dairy prices felt weakness all day Tuesday which began with the Global Dairy Trade index falling 3.6%.  Class III milk futures were down across the board with settlements posted ranging from 5-16 cents lower in 2021 and even to 5 cents lower in first half 2022.  Class IV took it on the chin harder falling as much as 46 cents in September 2021. 

In the CME spot dairy session,  dry whey down $0.02 at $0.53. One sale was made at $0.5375. Blocks up $0.0675 at $1.6225. On sale was made at that price. Barrels up $0.01 at $1.51. Eighteen trades were made from $1.49 to $1.5175. Butter unchanged at $1.74. Nonfat dry milk down $0.0125 at $1.2450.

On the grains, wetter seven day forecasts had corn down the limit of 40 cents with new crop settling at $5.3975/bu.  Wednesday will have the expanded limits of corn applicable to it.  Soybeans traded 80-90 cents lower while meal was also off $20-$25/ton.  The wheat complex followed suit and ended 24-55 cents/bu lower across all three complexes.
(T3, D1)

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