Spot blocks jumped to $1.9075 per pound, adding $0.0425, with three lots trading. Barrels increased to $1.7625 per pound, tacking on $0.0025, with six loads exchanged.
The August Class III contract climbed to $17.26 per hundredweight, gaining 28 cents.
August “all cheese” futures rose to $1.8470 per pound, $0.0310 higher.
Spot butter slipped to $2.6800 per pound, $0.0125 lower, with zero lots changing hands.
Fourth quarter butter contracts dropped to $2.6018 per pound, losing $0.0388.
Spot NDM climbed to $1.1600 per pound, gaining $0.0125, with five loads trading.
Fourth quarter NDM futures advanced to $1.2165 per pound, up $0.0088.
Spot dry whey eased to $0.2500 per pound, down $0.0025, with three lots exchanged.
The August dry whey contract rose to $0.2550 per pound, ticking up $0.0025.
September corn futures declined to $5.2100 per bushel, losing $0.1225. The August soybean contract tumbled to $14.8675 per bushel, shedding $0.4525.
FROM THE TRADING DESK: Futures were mostly higher after a mixed spot session. Butter saw the biggest pullback, as futures traded around 1-4 cents lower across the curve. This price action was confirmed in spot, where the cash price slipped. After today’s session, futures now hold a few-cent discount to the cash price, bringing a carry back in the marketplace.
First Impressions Corn: Neutral Soybeans: Neutral Markets are offering a muted reaction … Read more