October 13, 2020

Milk Futures Looking More Positive

 |  By: Know Your Market

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.