CME Barrels Down 4.5 Cents
Spot blocks remained at $1.9600 per pound, with zero lots trading. Barrels dropped to $1.8250 per pound, shedding $0.0450, with no loads changing hands.
The September Class III contract fell to $17.19 per hundredweight, losing 34 cents.
September “all cheese” futures decreased to $1.8240 per pound, easing by $0.0380.
Spot butter slipped to $2.6150 per pound, 1.5 cents lower, with zero lots exchanged.
The September butter contract dipped to $2.5775 per pound, down $0.0325.
Spot NDM eased to $1.1200 per pound, giving up $0.0025, with two loads trading.
Fourth quarter NDM futures settled at $1.1745 per pound, shedding $0.0086.
Spot dry whey ticked up to $0.2625 per pound, adding $0.0025, with two lots changing hands.
Dry whey contracts were unchanged for the rest of 2023. January 2024 futures rose to $0.3470 per pound, a half cent higher.
The September corn contract declined to $4.8075 per bushel, losing 7.5 cents. August soybean futures dipped to $14.2875 per bushel, a penny lower.
FROM THE TRADING DESK: The corn market continued its downward slide today with December futures slumping back below $5.00 per bushel to the lowest level since mid-July. Weather remains a driving force, with favorable forecasts taking some of the risk premium out of the markets. Weaker-than-anticipated corn export reports for the week seem to be taking some of the wind out of the sails as well.