GDT WMP Plunges 11.0%
WMP prices at the latest GlobalDairyTrade event fell 11.0% to $2,548 per metric ton, or $1.16 per pound. That’s the lowest price since August 2016 and the biggest auction-to-auction drop since March 2017. SMP also tumbled, down 4.9% to $2,333 per metric ton, or $1.06 per pound.
Spot NDM slipped to $1.0950 per pound, 1.5 cents lower, with no lots trading.
Fourth quarter NDM futures settled at $1.1263 per pound, giving up $0.0253.
GDT cheddar jumped 5.5% to $4,127 per metric ton, or $1.87 per pound.
Spot blocks climbed to $2.0150 per pound, up 2.5 cents to the highest price since March. One load changed hands. Barrels advanced to $1.8500 per pound, gaining $0.0250, with zero lots exchanged.
The September Class III contract jumped to $18.04 per hundredweight, 21 cents higher.
September “all cheese” futures rose to $1.9180 per pound, tacking on $0.0280.
GDT butter slipped 3.0% to $4,539 per metric ton, or $2.06 per pound (adjusted to 82% butterfat).
Spot butter ticked up to $2.6925 per pound, adding $0.0025, with seven loads trading.
Fourth quarter butter contracts declined to $2.6041 per pound, shedding $0.0093.
Spot dry whey dipped to $0.2625 per pound, a half cent lower, with five lots exchanged.
September dry whey futures eased to $0.2675 per pound, losing a penny.
The September corn contract dropped to $4.6400 per bushel, down $0.1175. September soybean futures tumbled to $13.2325 per bushel, $0.2975 lower.
FROM THE TRADING DESK: Today’s lower GDT print knocked the wind out the CME NDM futures market, sending prices lower across the board. In the cheese market, spot block cheddar made a leap above $2.00 per pound for the first time since March. But NDM market weakness and higher spot cheese prices were far from the biggest stories of the day. The grain market saw widespread and notable declines, reportedly on the back of softer crude oil prices, improving US crop conditions and continued global economic uncertainty.