Class III Futures Sold Off Heavily
Blocks and barrels took its foot off the brakes after a brief pause yesterday in the CME Cash Dairy Product Trade. Blocks fell 12.25 cents on 4 trades to $2.17/lb. Barrels receded 12.50 cents to $2.0850/lb on 9 trades. Butter gained ¾ of a penny to $1.4375/lb. Grade A Nonfat Milk added 2 cents to $1.0975/lb. Dry Whey increased ¾ of a penny to $.43/lb.
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.
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.
Fats and feeders were once again a mixed bag. December live cattle gained 52 cents to $112.40/cwt. November feeder cattle fell 25 cents to $140.60/cwt. December crude oil posted a modest gain of 27 cents to $41.63/barrel.