On the Chicago Mercantile Exchange Tuesday milk futures were up, and cash dairy prices were steady to up. Class III milk prices rose double digits in 2nd half 2020. August milk led the charge jumping 60 cents to $19.80 per cwt. June Class III milk was up $.03 at $20.97. July was up $.15 at $22.35. August was up $.55 at $19.75. September was up $.41 at $17.91. The milk futures from October through next May ranged from two to thirty-two cents higher. First, half 2021 added double digits as well. Class IV markets were mixed following butter’s unchanged session and nonfat’s slight fall.
Tuesday’s commodity markets were highlighted by a stronger dairy and grain complex. Dry whey was unchanged at $.3175 cents per pound. Five sales were recorded from $.3175 to $.32. Forty-pound blocks were up $.02 at $2.64 per pound. There were five sales recorded from $2.62 to $2.67. Barrels were unchanged at $2.40 per pound. No sales were recorded. Grade AA Butter was unchanged at $1.7650 per pound. No sales were recorded. Nonfat dry milk was down $.0075 at $1.0050 per pound. Six sales were recorded from $1.0050 to $1.01.
Over in the grain complex the USDA released its Planted Acreage and Quarterly Stocks reports. The surprise came in the corn acres data. While the trade was looking for an average of 95 million acres, USDA printed 92 million acres spurring the corn market 12-15 cents higher. December corn traded through $3.50 per bu. for the first time since April 14. Soybean acreage was more in line with expectations as 83 million acres were released. Soybeans rallied 17-20 cents per bu. Tuesday.
