Butter Continues To Head In The Wrong Direction
Butter continues its break lower in the CME Cash Dairy Trade. Butter melted 2.50 cents away to $1.3850/lb. Blocks continued stagnant for the third straight day at $2.7750. Barrels climbed 1.75 cents to $2.47/lb, touching at historical prices not seen since 2014. Grade A Nonfat Milk gained a quarter penny to $1.08/lb. Dry Whey remains at $.3950/lb.
November milk was the biggest mover in class III milk futures, adding 51 cents to $22.88/cwt as we are midway though the second week of November pricing. December lost 4 cents to $20.19/cwt. First half 2021 also saw weakness, dropping 20-24 cents across the curve. Class IV also traded 9-16 cents lower in the remainder of 2020 and out into 2021.
The grain complex sold off hard with soybeans leading the charge. November soybeans fell 25 cents to $10.5725/bushel. December corn tumbled 14.50 cents to $4.0150/bushel. December soybean meal retreated $7.30 to $376.70/ton. December Chicago Wheat settled 7 cents lower to $6.0875/bushel.
Fats and Feeders were able to find some support. December live cattle gained 62 cents to $104.67/cwt. November feeders surged $1.60 to $133.90/cwt. December crude oil fell $2.23 to $37.34/barrel.