Market_Monitor_080923
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CME Butter Up 1.5 Cents

Spot butter rose to $2.6650 per pound, adding $0.0150, with no lots trading.

The September butter contract climbed to $2.6613 per pound, gaining $0.0213.

Spot blocks held steady at $1.9650 per pound, with zero loads changing hands. Barrels remained at $1.8000 per pound, with no lots exchanged.

September Class III futures dropped to $17.83 per hundredweight, down 14 cents.

Fourth quarter “all cheese” contracts slipped to $1.9073 per pound, $0.0083 lower.

Spot NDM advanced to $1.1300 per pound, tacking on a half cent, with two loads trading.

September NDM futures decreased to $1.1553 per pound, giving up $0.0058.

Spot dry whey was unchanged at $0.2750 per pound, with zero lots changing hands.

The December dry whey contract ticked up to $0.3550 per pound, adding a half cent. All other contracts were unchanged.

September corn futures dipped to $4.8100 per bushel, losing $0.0475. The August soybean contract rose to $14.3150 per bushel, advancing 1.5 cents.

FROM THE TRADING DESK: Similar to yesterday, it was relatively quiet in the dairy markets. Block cheese held at $1.9650 for a fourth day – and when including a stay at $1.9600 last week – it marks the quietest eight-day stretch in the block market dating back to 2021. It’s certainly unusual to be unchanged for this long – especially after an explosive move in July. Where to next? At least for today, cheese futures are pointing to the next move being a little lower.