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August 3, 2020

Milk, Cheese Prices Fall Drastically

 |  By: Know Your Market

Spot cheese prices fell drastically in the CME cash dairy product trade.  Block cheese finished 17.50 cents lower to $2.0775/lb.  Barrels fared worse, losing 21.50 cents to $2.02/lb.  Butter melted 2.75 cents away on 25 trades to $1.58/lb.  Grade A nonfat milk dropped 1.25 cents to 96.50 cents.  Dry whey also fell 1.25 cents to 33 cents/lb.  

Class III milk futures fell brutally today on the heels of the spot cheese trade.  August had 72 cents squeezed out to $20.31.  September milk stumbled 68 cents lower to $18.24.  October milk declined 32 cents to $17.67/cwt.  Q4 2020 average settled at $16.99/cwt.  

Class IV futures also saw weakness today.  August milk fell 6 cents to $13.27/cwt.  September milk descended 20 cents to $13.45.  October milk tumbled 34 cents to $13.68.

Corn and soybeans finished slightly higher.  December corn added 1.50 cents to $3.2850/bushel.  November soybeans gained 3.75 cents to $8.9625.  August soybean meal moved $2.20 cents lower to $287.10/ton.  September Chicago wheat fell 10.25 cents to $5.21.  

Fats and feeders also settled higher today.  August live cattle gained 20 cents to $103.02/cwt.   August feeders increased 20 cents as well to $144.87/cwt.  Crude oil added 54 cents to $41.11/barrel.