Milk Futures Looking More Positive
Blocks and barrels added to their Monday gains in the CME Cash Dairy Product Trade. Blocks gained 2.50 cents to $2.7175/lb. Barrels increased 3 cents to $2.14/lb. Butter climbed 6 cents to $1.4750/lb. Grade A Nonfat finished ¾ of a penny higher to $1.1375/lb. Dry Whey inched ¼ cent lower to $.3925/lb.
Class III futures sold off as the day went on. October milk gained 2 cents to $21.19/cwt. November was able to post a 13 cent gain to $20.61 after trading as high as $20.89. December milk turned 6 cents lower to $18.09/cwt. January through June saw +1 to -8 cents on the day. First half 2021 average is $16.62/cwt. Class IV moved higher with November climbing 26 cents to $14.19. January also saw strength, settling 32 cents higher to $14.72/cwt.
The grain complex was a mixed bag today. December corn finished 2 cents higher to $3.9125/bushel. November soybeans rebounded after yesterday’s loss, gaining 10.25 cents to $10.44/bushel. October soybean meal was up $1.80 to $358.50/ton. December Chicago Wheat fell ¼ of a penny to $5.94/bushel.
Fats and feeders saw mild strength. October Live Cattle ascended 47 cents to $108.82/cwt. October feeders traded to $138.12/cwt. November crude oil pushed 72 cents higher to $40.15/barrel.