On the Chicago Mercantile Exchange milk futures closed lower Monday ahead of a potentially negative Global Dairy Trade report and following big slides on the cash market. Class III milk futures fell brutally today on the heels of the spot cheese trade. August had 72 cents squeezed out to $20.31. September milk stumbled 68 cents lower to $18.24. October milk declined 32 cents to $17.67/cwt. Q4 2020 average settled at $16.99/cwt. Class IV futures also saw weakness today. August milk fell 6 cents to $13.27/cwt. September milk descended 20 cents to $13.45. October milk tumbled 34 cents to $13.68.
Spot cheese prices fell drastically in the CME cash dairy product trade. Blocks down $0.1750 at $2.0775. Five sales were made ranging from $2.0750 to $2.08. Barrels down $0.2150 at $2.02. One trade was made at that price. Dry whey down $0.0125 at $0.33. Two sales were made at $0.33 and $0.3325. Butter down $0.0275 at $1.58. Twenty-five trades were made ranging from $1.56 to $1.58. Nonfat dry milk down $0.0125 at $0.9650. Six sales were made ranging from $0.9625 to $0.97.
Corn and soybeans finished slightly higher. December corn added 1.50 cents to $3.2850/bushel. November soybeans gained 3.75 cents to $8.9625. August soybean meal moved $2.20 cents lower to $287.10/ton. September Chicago wheat fell 10.25 cents to $5.21.
