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Milk Futures Gain Slightly in Chicago Wednesday

On the Chicago Mercantile Exchange, milk futures were slightly higher Wednesday while cash markets were mixed following the cold storage report.  Milk prices for Class III did end up higher on the day as futures rose 9-19 cents/cwt in fourth quarter 2020.  First half 2021 ranged from three cents higher to five lower. First half 2021 is now offering dairies a price of $16.50/cwt.  Class IV took it on the chin as months declined 15-23 cents in Q4 but was also down double digits in first half 2021.  

CME spot dairy product trade saw dry whey up $0.0150 at $0.3850.  Two trades were made at $0.3775 and $0.3850.  Blocks down $0.06 at $2.54.  One trade was made at that price.  Barrels down $0.0050 at $1.63.  Butter down $0.10 at $1.52.  Six trades were made at $1.52 to $1.5375. Nonfat dry milk up $0.0125 at $1.0850.  Two trades were made at $1.0750 and $1.0850.

Grain prices suffered losses across the board as farmer selling and profit taking out of managed money took place.  Corn softened a penny and sits at $3.685/bu.  Soybeans slid five cents to $10.145/bu while soybean meal added $4/ton.  The wheat complex dropped 6-9 cents as well.

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