On the Chicago Mercantile Exchange milk futures made a reversal Wednesday after being limit up the day before as traders correct overbought positions. Commodity markets across the board were stronger. Class III futures saw significant strength today. August lost 1 penny to $19.60/cwt. September to December milk settled limit up. Quarter 4 average is $17.66/cwt. First half 2021 gained 8-40 cents for an average price of $16.45/cwt. Class IV futures also printed green. September milk climbed 12 cents to $13.28/cwt. November finished 19 cents higher to $14.46/cwt. December saw the most strength, adding 40 cents to $14.76/cwt.
In the CME Cash Dairy Product trade, Dry whey up $0.0050 at $0.33. Five sales were made ranging from $0.3250 to $0.33. Blocks up $0.0425 at $1.8725. Three trades were made at $1.8375 to $1.87 Barrels up $0.0325 at $1.4475. Four trades were made ranging from $1.4275 to $1.4425. Butter down $0.02 at $1.50. Eight trades were made ranging from $1.49 to $1.5125. Nonfat dry milk up $0.0075 at $1.02. Five sales were made at $1.0175 and $1.02.
The grain market joined in on the higher price movement. December corn launched a 9.50 cent gain to $3.5450/bushel. November soybeans broke through $9.20 resistance, adding 14.50 cents to settle at $9.2025/bushel. September soybean meal gained $2.50 to $291.60/ton. September Chicago Wheat climbed 6.50 cents to $5.2725/bushel. October live cattle was up 85 cents to $108.77/cwt. September feeder cattle settled 22 cents higher to $143.07/cwt. October crude oil gained 75 cents to $43.37/barrel.
