On the Chicago Mercantile Exchange milk futures took a strong swing to the lower side Wednesday as cheese markets descended, and traders took back overbought positions. Class III milk futures traded significantly lower today. October milk fared the worst, falling $1.24 to $18.41/cwt. November settled 86 cents lower to $18.12/cwt. December suffered a 46 cent loss to $17.21/cwt. First half 2021 average is $16.51/cwt. Class IV milk prices declined 5-14 cents.
In the CME Cash Dairy Product Trade, dry whey up $0.0075 at $0.37. Two trades were made at $0.3675 and $0.37. Blocks down $0.0475 at $2.60. Two trades were made at $2.60 and $2.6475. Barrels unchanged at $1.6350. Butter up $0.0075 at $1.62. One trade was made at that price. Nonfat dry milk down $0.0075 at $1.0725. One trade was made at that price.
December corn lost half a penny to $3.6925/bushel. November soybeans decreased 2.75 cents to $10.1975/bushel. October soybean meal increased $3.90 to $337.30/ton.
