Milk Futures: What Goes Up, Will Come Down
In the CME cash dairy product trade, block cheese retracted 23 cents lower to $2.58/lb. on 5 trades. Barrels added 3 cents to $2.40/lb. on 1 trade. Butter finished 2.50 cents lower to $1.7875. Grade A nonfat milk softened a quarter cent to $1.0275. Dry whey lost half a penny to $0.3025/lb.
Class III futures sold off today as block cheese trembled. June milk dropped 8 cents to $20.92/cwt. July-October finished limit down, settling 75 cents lower. July milk sits at $21.56/cwt. August milk resides at $19.55/cwt. Q3 2020 average is $19.68/cwt. Q4 is averaging $16.48/cwt.
Class IV milk futures fell lower today as well. June milk settled at $13.25/cwt. July lost 10 cents to $14.70/cwt. August finished 15 cents lower to $15.20/cwt. Second half average sits at $15.57/cwt.
December corn finished 3 cents lower to $3.3375/bushel. November soybeans fell 4 cents to $8.70/bushel. July soybean meal gained 40 cents to $286.70/ton. September Chicago wheat tumbled 5.25 cents to $4.8575. June live cattle dropped 22 cents to $93.30/cwt. August feeders gave up 32 cents to $132.87/cwt. August crude oil finished $2.24 lower to $38.13.