CME Blocks Rise to $1.99

Spot blocks climbed to $1.9900 per pound, adding $0.0225, with three lots trading. Barrels advanced to $1.8250 per pound, $0.0225 higher, with one load exchanged.

September Class III futures jumped to $17.98 per hundredweight, gaining 37 cents.

The September “all cheese” contract increased to $1.9080 per pound, up $0.0410.

Spot butter was unchanged at $2.6900 per pound, with zero lots changing hands.

September butter futures slipped to $2.6710 per pound, down $0.0090.

Spot NDM held steady at $1.1100 per pound, with no loads trading.

The September NDM contract lifted to $1.1320 per pound, tacking on $0.0020.

Spot dry whey remained at $0.2700 per pound, with one lot exchanged.

September dry whey futures eased to $0.2830 per pound, shedding $0.0045.

The September corn contract slipped to $4.7450 per bushel, giving up $0.0875. August soybean futures dropped to $14.0125 per bushel, losing $0.1075.

In the latest World Agricultural Supply and Demand Estimates report, USDA pegged US 2023-24 ending stocks at 15.111 billion bushels, within the predicted range. Soybean stock estimates reached 4.205 billion bushels, within pre-report expectations.

FROM THE TRADING DESK: Today’s spot session was relatively quiet, with cheese being the main focus. The cheese average rallied around two cents, and futures took that as a supportive session. We now begin September pricing with the spot price at a roughly 10-cent premium to September contracts even after a 20-40-cent rally in Class III futures.