November 11, 2020

Class III Futures Sold Off Heavily

 |  By: Know Your Market

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.