CME Product Values Proceed Higher
CME product values proceeded higher once again on Wednesday despite Class III futures pointing towards softer prices earlier in the session. Cheddar barrels rose another 6.5 cents/lb to $2.2050 while blocks added a quarter cent and ended at $2.72/lb. Three loads moved from seller to buyer. Butter increased 2.5 cents back to $1.50/lb after a single trade. Dry whey lost a half cent and nonfat was down a quarter cent as well.
Class III milk prices traded 13 cents higher to $21.30/cwt. November lost 14 while December ended unchanged. 2021 prices ranged from 10 cents lower to 2 cents higher. First half 2021 Class III average is now offering dairy producers a price of $16.58/cwt. Class IV prices settled 20 cents higher on Wednesday as well.
Grain prices caught some strength following further dryness in South America. December corn traded 5 cents higher and ended at $3.965/bu. Soybeans moved 12 cents in the positive direction to $10.56. Soybean meal gained $7/ton in December. The wheat complex was up 1-4 cents as well.