CME NDM and Dry Whey Down Two Cents
US milk production totaled 17.8 billion pounds in February, up 0.8% year-over-year and within pre-report estimates. Cow numbers rose 12,000 head on the month, also in line with expectations. That’s the largest monthly cow gain and biggest herd size since May 2022.
Spot dry whey dropped to $0.4475 per pound, shedding two cents, with one lot trading.
The May dry whey contract dipped to $0.4000 per pound, easing by $0.0125.
Spot NDM decreased to $1.1675 per pound, giving up two cents, with one load exchanged.
April and May NDM futures settled at $1.1900 per pound, each adding a half cent.
Spot blocks slipped to $1.9900 per pound and barrels dipped to $1.9525 per pound, each $0.0075 lower. Three lots of blocks and zero loads of barrels changed hands.
Second quarter Class III contracts dropped to $18.72 per hundredweight, down 29 cents.
Second quarter “all cheese” futures declined to $1.9227 per pound, shedding $0.0243.
Spot butter advanced to $2.4100 per pound, a penny higher, with nine lots trading.
Second quarter butter contracts climbed to $2.4108 per pound, gaining $0.0083.
May corn futures slipped to $6.3300 per bushel, easing by $0.0125. The May soybean contract jumped to $14.8600 per bushel, up 9.5 cents.
FROM THE TRADING DESK: Cheese saw a few offers during today’s spot session, but they weren’t able to move the price much lower. Futures started the day in the green, however, by the close, we saw a pretty good-sized selloff. Class III futures were about 30 cents lower out through August.