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Spot Butter Hits New YTD High

Spot butter climbed to $2.7700 per pound, two cents higher, with 25 lots trading.

The September butter contract increased to $2.7800 per pound, tacking on $0.0375.

Spot blocks rose to $2.0250 per pound, up $0.0075, with one load changing hands. Barrels tumbled to $1.7500 per pound, shedding $0.0850, with two lots exchanged.

Fourth quarter Class III futures slipped to $17.82 per hundredweight, 11 cents lower. Fourth quarter Class IV contracts jumped to $18.95 per hundredweight, adding 16 cents.

Fourth quarter “all cheese” futures settled at $1.8733 per pound, giving up $0.0133.

Spot NDM advanced to $1.0950 per pound, gaining a penny, with three loads trading.

Fourth quarter NDM contracts rose to $1.1485 per pound, $0.0173 higher.

Spot dry whey ticked up to $0.2650 per pound, adding $0.0075, with one lot changing hands.

September dry whey futures lifted to $0.2720 per pound, up $0.0063.

The September corn contract climbed to $4.7300 per bushel, ticking up 3.5 cents. September soybean futures settled at $13.3675 per bushel, rising by two cents.

FROM THE TRADING DESK: All eyes were on the butter spot market today, where volume amounted to 25 loads. While that’s about half of yesterday’s record volume, it still counts as a pretty busy day. Plus, the price pushed to a new year-to-date high of $2.77 per pound. USDA reported cream multiples still moving higher this week, too – with all regions running five to 10 points ahead of the five-year average.