CME Butter Volume Reaches 49 Lots

Spot butter jumped to $2.7500 per pound, gaining $0.0575 to reach a new year-to-date high. Forty-nine lots traded, the highest single-day volume since November 2004.

September and October butter futures rose to $2.7425 and $2.7300 per pound, respectively, each settling limit up (+7.5 cents).

Spot blocks ticked up to $2.0175 per pound, adding $0.0025, with one load changing hands. Barrels slipped to $1.8350 per pound, 1.5 cents lower, with two lots exchanged.

Fourth quarter Class III contracts decreased to $17.93 per hundredweight, losing 21 cents.

Fourth quarter “all cheese” futures settled at $1.8867 per pound, shedding $0.0227.

Spot NDM dipped to $1.0850 per pound, down a penny, with one load trading.

The September NDM contract advanced to $1.1298 per pound, tacking on $0.0088.

Spot dry whey eased to $0.2575 per pound, giving up a half cent, with six lots changing hands.

September dry whey futures declined to $0.2658 per pound, $0.0018 lower.

The September corn contract climbed to $4.6950 per bushel, adding 5.5 cents. September soybean futures jumped to $13.3475 per bushel, increasing by 11.5 cents.

FROM THE TRADING DESK: Butter still seems to defy the odds, with spot prices climbing 5.75 cents up the ladder to $2.75 per pound and nearby futures settling limit up. Meanwhile, powder markets continue to disappoint as Southeast Asia’s economy struggles, impacting demand. Cheese can’t seem to decide on a direction, with the block-barrel spread growing in favor of blocks. Grain markets had a small comeback, with everything in the green.