On the Chicago Merchantile Exchange Class III milk prices reacted favorably to the higher product trade as 4th quarter 2019 added 5-8 cents and closed with an average of $18.08 per cwt. First half 2020 prices were also up to the tune of 4-10 cents per cwt and closed Wednesday with an average of $16.83. Class IV markets were mixed ranging from 6 softer to 5 cents higher October 2019 to August 2020.
For cash dairy, dry whey down $0.0075 at $0.34. 15 trades were made, ranging from $0.34 to $0.3425. Blocks up $0.01 at $2.00. Barrels up $0.0275 at $1.76. Five trades made ranging $1.75 to $1.76. Butter $0.0450 higher at $2.1725. Three trades with a range of $2.1675 to $2.1725. Nonfat dry milk up $0.01 at $1.14.
After filling the gap on Tuesday in the corn market dating back to the August supply and demand report, a round of profit taking was seen on Wednesday. December corn lost 4.75 cents to $3.88 per bu., soybeans were down 5.75 at $9.13 3/4, and the wheat complex dropped 3-9 cents.
