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CME Butter Down a Penny on High Volume

Spot butter slipped to $2.6700 per pound, one cent lower, with 25 lots trading.

Butter prices at the latest GlobalDairyTrade event eased 0.5% to $4,680 per metric ton, or $2.12 per pound (adjusted to 82% butterfat).

The September butter contract declined to $2.6355 per pound, losing $0.0370.

Spot blocks remained at $1.9600 per pound, with zero loads changing hands. Barrels were unchanged at $1.8700 per pound, with no lots exchanged.

GDT cheddar decreased 1.1% to $3,910 per metric ton, or $1.77 per pound.

September Class III futures dropped to $17.53 shedding 57 cents.

The September “all cheese” contract eased to $1.8590 per pound, $0.0560 lower.

Spot NDM dipped to $1.1425 per pound, giving up a half cent, with three loads trading.

GDT WMP tumbled 7.6% to $2,864 per metric ton, or $1.30 per pound. SMP slipped 2.0% to $2,454 per metric ton, or $1.11 per pound.

Fourth quarter NDM futures settled at $1.2099 per pound, losing $0.0129.

Spot dry whey rose to $0.2600 per pound, adding a penny, with one lot changing hands.

The September dry whey contract advanced to $0.2875 per pound, up $0.0025.

September corn futures decreased to $4.9700 per bushel, down seven cents. The August soybean contract climbed to $14.4675 per bushel, gaining one cent.

FROM THE TRADING DESK: A weaker GDT auction weighed on the US dairy futures market today. NDM futures started off the morning trading lower, then butter futures slipped, as well. And despite a steady cheese spot market session, the cheese and Class III futures markets also came under pressure later in the day.