Class III Futures Continue Their Freefall

June 16, 2021

Lots of trades changed hands in the block and barrel market during the CME Cash Dairy Product Trade. Blocks added half a penny to $1.51/lb on 10 trades. Barrels slid 2.25 cents to $1.6350/lb on 18 trades. Butter remains at $1.8050/lb. Grade A Nonfat Milk has continued falling, now sitting at $1.2650/lb. Dry Whey lost ¾ of a penny to $.5925/lb.

Class III milk futures have continued their freefall, with the third quarter seeing the brunt of the weaker price action. June milk gained 7 cents to $17.32/cwt. July milk fell 5 cents to $17.08/cwt. August milk decreased 21 to $17.76/cwt. Class IV milk futures moved lower on very little volume.

Soybeans stumbled lower once again. November soybeans dropped 30.25 cents to $13.4325/bushel. December corn lost 1.25 cents to $5.7250/bushel. July soybean meal surged $6.80 to $379.20/ton. Chicago Wheat was mostly stagnant.

Cattle and lean hogs saw both red and green. August live cattle gained $1.02 to $124.92/cwt. August feeders were up $1.15 to $159.80/cwt. August lean hogs finished limit down to $111.70/cwt. July crude oil declined 29 cents to $71.83/barrel.