September 10, 2020

Class III Futures Print Both Red And Green

 |  By: Know Your Market

Blocks and barrels both turned lower today with the spread widening to 52 cents in the CME Cash Dairy Product Trade.  Blocks fell 1.75 cents to $2.15/lb.  Barrels lost 4.50 cents to $1.63/lb.  Butter traded 16 times today, settling at $1.4825.  Grade A Nonfat Milk finished ¼ of a penny lower to $1.04/lb.  Dry Whey added ¾ of a penny to $.3450/lb.   

Class III milk futures printed both red and green today.  September declined 16 cents to $16.46/cwt.  October pushed 25 cents higher to $18.73/cwt.  November rose 2 cents to $17.27/cwt.  December milk lost 3 to $16.45/cwt.  First half 2021 resides at $16.29/cwt.  

Class IV milk was also mixed.  October gained 3 cents to $13.67.  November milk decreased 18 to $14.07.  December milk dropped 17 to $14.37/cwt.  

The grain complex was mixed ahead of tomorrow’s USDA supply and demand report.  December corn surged 4.75 cents to $3.65/bushel.  November soybeans bounced off $9.80, finishing at $9.7750/bushel.  October soybean meal lost 20 cents to $312.70/ton.  September Chicago Wheat added 6 cents to $5.40/bushel.  

Fats and feeders both saw strength today.  October live cattle gained 40 cents to $105.10/cwt.  October feeders finished $1.35 higher to $139.60/cwt.  October crude oil tumbled $1.02 to $37.03/barrel.