CME Butter Down Four Cents

Spot butter dropped to $2.6300 per pound, $0.0400 lower, with four lots trading.

Fourth quarter butter futures slipped to $2.5683 per pound, losing two cents.

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

The October Class III contract rose to $17.97 per hundredweight, adding eight cents.

September “all cheese” futures increased to $1.8620 per pound, a bump of $0.0030.

Spot NDM slipped to $1.1225 per pound, shedding two cents, with three loads trading.

Fourth quarter NDM contracts settled at $1.1831 per pound, down $0.0268.

Spot dry whey was unchanged at $0.2600 per pound, with zero lots exchanged.

September dry whey futures increased to $0.2888 per pound, $0.0013 higher.

The September corn contract decreased to $4.8825 per bushel, losing $0.0875. August soybean futures dropped to $14.2975 per bushel, 17 cents lower.

FROM THE TRADING DESK: Futures were down in all industries, from energy to dairy. Crude oil contracts seemed to lead grains downward. Meanwhile, the CME was relatively quiet, with a total of seven rail cars – none of them cheese or whey – trading on the spot market. US and global milk production will remain top of mind in the days and weeks ahead.