On the Chicago Mercantile Exchange milk futures were higher on Election Day while cash trade was mixed, and the Global Dairy Trade auction posted losses. Class III milk futures traded mostly lower. November milk declined 13 cents to $23.77/cwt. December suffered a 45 cent loss to $20.00/cwt. January milk fell 23 to $17.84. February through December 2021 milk is trading a range of $16.30-$16.72/cwt. Class IV continues its low liquidity as butter continues moving lower with poor restaurant demand.
On the CME Cash Dairy Product Trade Dry whey up $0.01 at $0.42. One sale was made at that price. Blocks down $0.0450 at $2.7350. Barrels down $0.0050 at $2.5250. Four trades were made at $2.5250 and $2.5275. Butter up $0.0150 at $1.4250. Eight trades were made ranging from $1.4125 to $1.4350. Nonfat dry milk down $0.0250 at $1.07. Two trades were made at that price.
Wheat climbed higher today after starting out the session lower. December Chicago Wheat gained 9 cents to $6.0750/bushel. December corn finished strong against session highs at $3.9750/bushel. The market will be watching closely to see if we can trade through and close above $4.00/bushel tomorrow. November soybeans decreased 5.75 cents to $10.5075/bushel. December soybean meal pulled back $3.50 to $375.10/ton.
