Weekly Butter Volume Hits New High
Spot butter tumbled to $2.7000 per pound, a seven-cent fall, with 17 lots trading. That brought the week’s total to 98 lots, the most since 2006, when daily trading started.
The September butter contract dropped to $2.7225 per pound, down $0.0575.
Spot blocks ticked up to $2.0275 per pound, gaining $0.0025, with one load exchanged. Barrels jumped to $1.8075 per pound, adding $0.0575, with zero lots changing hands.
September Class III futures leapt to $18.49 per hundredweight, a 65-cent surge.
The September “all cheese” contract climbed to $1.9600 per pound, tacking on $0.0590.
Spot NDM advanced to $1.1050 per pound, a penny higher, with eight loads trading.
Fourth quarter NDM futures settled at $1.1683 per pound, increasing by $0.0198.
Spot dry whey rose to $0.2700 per pound, up a half cent, with one lot exchanged.
The September dry whey contract lifted to $0.2750 per pound, rising by $0.0030.
September corn futures increased to $4.7950 per bushel, 6.5 cents higher. The September soybean contract shot up to $13.6275 per bushel, adding 26 cents.
FROM THE TRADING DESK: After a couple of days of strong rallies, butter was the only market to move lower in today’s spot session. Futures saw a big jump after the spot session, with the entire dairy complex in the green besides butter. We are a week into September pricing with cash around the $18.25-per-hundredweight area for Class III.
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