On the Chicago Mercantile Exchange, milk futures continue to push higher, closing more than $1 higher in nearby contracts, supported by global optimism, strong cash cheese prices, and expectations for a bullish cold storage report. Class III milk futures took advantage of the newly expanded CME limits of $1.50/cwt. June added 1 penny to $21.00/cwt. July launched a 96-cent gain to $22.14/cwt. August milk skyrocketed 93 cents to $20.20/cwt. Q3 2020 is averaging $20.41/cwt. Q4 2020 resides at $17.28/cwt. Class IV milk futures were relatively unchanged.
The corn and bean market trended lower today. December corn declined 4.25 cents to $3.4175/bushel. November soybeans inched 1.50 cents lower to $8.7925. July soybean meal descended 50 cents to $286.50/ton. September Chicago Wheat climbed 4.25 cents to $4.8950/bushel. Fats and feeders ended the day in red ink. June live cattle fell 30 cents to $94.40/cwt. August feeders lost 80 cents to $131.75/cwt. Crude oil added 85 cents to $40.60.
