The crisis on Wall Street stretched all the way to the commodity pits of the Chicago Mercantile Exchange this afternoon, with milk futures crashing an average of 63¢/cwt today.
October through December 2008 contracts now average $16.23/cwt; those for the first half of 2009 dropped 47¢/cwt and average just $16. Cash cheese markets also dropped, with barrels down 4.25¢/lb to $1.91/lb. Blocks dipped 3/4¢ to $1.9325. For all the gory details, go to: /files/ddr092908.pdf.
If there is any good news for dairy producers, grain markets also plunged limit down. December corn contracts were down 30¢/bu to $5.13/bu and November soybeans were down 70¢/bu to $10.94. Go to: http://www.agweb.com/