On the Chicago Mercantile Exchange, milk futures corrected overbought positions Wednesday as gains taken following the supply and demand report were given back to the market.
Class III futures were sold off heavily today with expanded limits after yesterday’s limit up move in December. November milk lost 33 cents to $23.48/cwt. December saw a violent move lower, dropping 83 cents to $18.98. January declined 55 cents to $17.89/cwt. February and March milk were also down, but to a lesser extent.
On product trade dry whey up $0.0075 at $0.43. One trade was made at that price. Blocks down $0.1225 at $2.17. Four trades were made ranging from $2.1950 to $2.2925. Barrels down $0.1250 at $2.0850. Nine trades were made at $2.0850 to $2.09. Butter up $0.0075 at $1.4375. Eight trades were made ranging from $1.4125 and $1.4325. Nonfat dry milk up $0.02 at $1.0975. Five trades were made ranging from $1.0850 to $1.0975.
Corn and wheat futures saw weak follow through after posting solid gains yesterday. December corn crept 5.75 cents lower to $4.1725/bushel. December Chicago Wheat declined 10.50 cents to $5.98/bushel. November soybeans climbed 5 cents to $11.4325/bushel. December soybean meal pulled back $2.10 to $392.70/ton.
