October 7, 2020

2021 Milk Futures Continue To Fall

 |  By: Know Your Market

Butter was the only product to see its price move in the CME Cash Dairy Product Trade.  Butter lost 2.25 cents to $1.45/lb.  Cheddar blocks traded 3 times at $2.65/lb.  Barrels remain at $2.00/lb.  Grade A Nonfat Milk settled at $1.13/lb, trading 5 times today.  Dry Whey sits at $.3950/lb.  


October milk was the only month in class III to print green, adding 3 cents to $20.57/cwt.   November milk suffered a 19 cent loss to $19.40/cwt.  December milk fell 19 cents as well to $17.72/cwt.  2021 milk fell 3-10 cents.  First half 2021 average sits at $16.63/cwt.  Class IV milk futures dropped 5-17 cents in the first half of 2021. 


The grain complex was able to continue its trend higher on 2020 crop.  December corn increased 3.75 cents to $3.8875/bushel.  November soybeans set a new contact high, settling at $10.51/bushel.  October soymeal meal increased $6.30 to $361/ton. December Chicago Wheat surged 14.75 cents to $6.0750/bushel.  Fats ands feeders also posted gains today.  October live cattle climbed 97 cents to $110.17/cwt.  October feeder cattle gained 37 cents to $138.50/lb.  November crude oil declined 67 cents to $40.00/barrel