Milk, Cheese Prices Fall Drastically
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.