On the Chicago Mercantile Exchange milk futures were mostly lower to start the week while cash trade was mixed. Class III milk futures traded mostly lower. November milk declined 13 cents to $23.77/cwt. December suffered a 45 cent loss to $20.00/cwt. January milk fell 23 to $17.84. February through December 2021 milk is trading a range of $16.30-$16.72/cwt. Class IV continues its low liquidity as butter continues moving lower with poor restaurant demand.
Cash Dairy Product Trade saw Dry whey up $0.01 at $0.41. One sale was made at that price. Blocks down $0.0025 at $2.78. One sale was made at that price. Barrels unchanged at $2.53. Butter up $0.02 at $1.41. Ten trades were made ranging from $1.38 to $1.41. Nonfat dry milk down $0.0125 at $1.0950. Five trades were made ranging from $1.09 to $1.0975.
Wheat climbed higher today after starting out the session lower. December Chicago Wheat gained 9 cents to $6.0750/bushel. December corn finished strong against session highs at $3.9750/bushel. The market will be watching closely to see if we can trade through and close above $4.00/bushel tomorrow. November soybeans decreased 5.75 cents to $10.5075/bushel. December soybean meal pulled back $3.50 to $375.10/ton.
