June 24, 2020

Milk Futures: What Goes Up, Will Come Down

 |  By: Know Your Market

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.