Milk Futures Continue Their Slide Lower
Milk futures see another day sliding lower. Cheddar Barrels drove the futures trade today as our other products mostly traded higher. The CME spot trade had Butter holding unchanged at 1.50/lb with 13 loads trading hands. Cheddar Barrels fell 4 cents to 1.67 ½ with no loads moving from seller to buyer. Blocks however gained half a penny on 1 load trading to 2.15 3/4/lb. Widening our block/barrel spread to 48 ¼ cents.
Grade A Non Fat Dry milk jumped a penny and a quarter to 1.04 ¼ on 3 loads moving, and Dry whey gained half a penny to $0.33 3/4/lb with 2 loads trading hands.
Class III milk saw September slide 23 to 16.62, Oct fell 33 cents to 18.48, and November fell 14 to 17.25. 2021 varied from 3 higher to 7 cents lower.
Class IV milk was unchanged in Sept at 12.83, Oct fell 21 to 13.64, and November fell 2 to 14.25. 2021 was unchanged across the board in quiet trading.
Soybeans continue their drive higher in the grain complex. November gained 5 ¾ to 9.78 ¾. December corn fell 1 ½ cents to 3.60 ¼, and Soyean meal gained back $3.70 to 310.90/ton.