Market_Monitor_083023
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CME NDM Down a Penny

Spot NDM eased to $1.0925 per pound, giving up a penny, with no lots trading.


First half 2024 NDM contracts dipped to $1.1885 per pound, a loss of $0.0133.


CME spot blocks held at $1.9925 per pound, while barrels remained at $1.8600 per pound. No volume changed hands.


October Class III futures rose to $18.95 per hundredweight, a three-cent gain, while November futures slipped to $18.54, down two cents.


The October “all cheese” contract climbed to $1.9860 per pound, a bump of $0.0060.


Spot butter was unchanged at $2.6200 per pound with no lots exchanged.


Fourth quarter butter futures declined to $2.5967 per pound, giving up $0.0242.


Spot whey remained at $0.2850 per pound with zero loads changing hands.


The December dry whey contract increased to $0.3400 per pound, $0.0025 higher.

FROM THE TRADING DESK: Today’s spot session was quiet, with nearly a shutout pitched. The only mover was NFDM, which continued to drift lower. Futures also traded lower, with NFDM seeing the biggest pullback as the curve fell around 1-2 cents. The NFDM curve saw volumes trading as far ahead as December 2024.