Spot blocks climbed to $1.9600 per pound, $0.0525 higher, with one lot trading. Barrels surged to $1.8700 per pound, gaining $0.1075, with three loads changing hands.
The September Class III contract advanced to $18.10 per hundredweight, up 40 cents.
September “all cheese” futures rose to $1.9150 per pound, tacking on $0.0330.
Spot butter was unchanged at $2.6800 per pound, with two lots exchanged.
The September butter contract ticked up to $2.6725 per pound, increasing by $0.0175.
Spot NDM slipped to $1.1475 per pound, $0.0125 lower, with seven loads trading.
Fourth quarter NDM futures settled at $1.2228 per pound, $0.0063 higher.
Spot dry whey remained at $0.2500 per pound, with zero lots changing hands.
Fourth quarter dry whey contracts climbed to $0.3260 per pound, up $0.0041.
September corn futures slipped to $5.0400 per bushel, down 17 cents. The August soybean contract dropped to $14.4575 per bushel, 41 cents lower.
FROM THE TRADING DESK: Cheese continued to surge today, with barrels leading the charge higher. We continue to hear reports of fresh cheese feeling snug, while older product is more available, but doesn’t meet spec to sell on the CME. In just two weeks, barrels have added nearly 50 cents and blocks have climbed almost 46 cents. That has added nearly $5.00 to the spot Class III price. Butter is still showing strength as well, as buyers remain comfortable taking on loads near $2.70 per pound.