September 2, 2020

Class III Trades Limit High

 |  By: Know Your Market

Small volumes on the CME spot market drive prices higher. Class III milk traded limit higher as we saw butter and cheese jump. 1 load of butter traded in the CME spot trade, price moving 4 ½ cents higher to $1.51/lb. Cheddar blocks gained 10 ¾ cents with only 1 trade to $1.91/lb. Barrels jumped 12 ½ cents to 1.57/lb. 

Grade A Non Fat dry milk gained half a penny to $1.03 1/2/lb with no loads trading hands and Dry whey was unchanged at $0.33 ½ and moved 2 loads.

Class III milk saw limit lock moves in September and October, gaining 75 cents. September at 16.63, October at 19.02, and November gained 66 cents to 18.07. 2021 moved 2-30 cents higher. 

Class iV milk gained 8 cents in 12.98 in September, October gained 7 to 14.04, and November gained 18 to 14.53. 2021 was unchanged to 3 higher in mostly quiet trading.

The grain and feed complex was mixed. December corn finishing ¾ cent higher to 3.58 ¾, Chicago wheat fell 5 ¾ cents to 5.58 ¼,  Soybeans gained 7 ¼ to 9.62 even, and soybean meal fell 50 cents to $302.30/ton.