Cheese Values Pushed Sharply Lower
Sellers relentlessly pushed cheese values sharply lower in the CME Cash Dairy Product Trade. Barrels were hit hardest, falling 29 cents lower on 10 trades to $1.61/lb. Blocks declined 16.25 cents to $1.9175/lb. Butter also saw weakness, dropping 3.50 cents on 11 trades to $1.40/lb. Grade A Nonfat Milk lost one cent to $1.0875/lb. Dry Whey remained unchanged at $.43/lb.
Class III milk futures crashed lower after the brutal selling pressure in spot cheese today. November milk fell 24 cents to $23.13/cwt. December milk was crushed, finishing limit down at $17.71/cwt. January milk receded 61 cents to $16.95/cwt. February through June lost 1-33 cents while second half 2021 finished slightly higher. Class IV milk futures saw December trade 15 cents lower to $13.50/cwt.
The grain complex rebounded slightly after yesterday’s losses. December corn added 2.25 cents to $4.1050/bushel. January soybeans climbed 2.50 cents to $11.48/bushel. December soybean meal settled even at $388.10/ton. December Chicago Wheat increased 5.25 cents to $5.9350/bushel.
Fats and feeder futures experienced modest losses. December live cattle settled $2.05 lower to $109.92/cwt. January feeder cattle pulled back $2.85 to $137.87/cwt. December crude oil also decreased 90 cents to $40.22/barrel.