Market_Monitor_080723
View Fullscreen
Download

CME Butter Rises to $2.65

Spot butter advanced to $2.6500 per pound, gaining three cents, with 14 lots trading.

The September butter contract jumped to $2.6308 per pound, adding $0.0407.

Spot blocks were unchanged at $1.9650 per pound, with zero loads changing hands. Barrels climbed to $1.8000 per pound, 2.5 cents higher, with two lots exchanged.

Fourth quarter Class III futures settled at $18.36 per hundredweight, tacking on 36 cents.

The September “all cheese” contract rose to $1.8950 per pound, increasing by $0.0420.

Spot NDM remained at $1.1250 per pound. Thirteen loads traded, the largest single-day volume since September 2022.

Fourth quarter NDM futures slipped to $1.1765 per pound, $0.0027 lower.

Spot dry whey ticked up to $0.2750 per pound, up $0.0025, with two lots changing hands.

The October dry whey contract increased to $0.3260 per pound, gaining $0.0080.

September corn futures eased to $4.8225 per bushel, giving up two cents. The August soybean contract dropped to $14.1450 per bushel, shedding 29.5 cents.

FROM THE TRADING DESK: Buy-side interest in barrels today propelled Class III and cheese futures higher. However, it was a fairly sluggish start to the week in trading activity. Butter futures pushed higher, while nonfat saw some red on the board. Our conversations continue to focus mostly on milk production as we start what’s often the hottest month of year.