CME NDM Drops Two Cents
Spot NDM slipped to $1.0725 per pound, shedding two cents to reach the lowest price since November 2020. Four lots traded.
Fourth quarter NDM futures eased to $1.0828 per pound, giving up $0.0179.
Spot butter advanced to $2.6450 per pound, gaining $0.0250, with 14 loads changing hands.
The October butter contract increased to $2.6475 per pound, $0.0275 higher.
Spot blocks were unchanged at $1.9950 per pound, with zero lots exchanged. Barrels remained at $1.8600 per pound, with no loads trading.
Fourth quarter Class III futures rose to $18.84 per hundredweight, up 17 cents.
Fourth quarter “all cheese” contracts settled at $1.9617 per pound, tacking on $0.0133.
Spot dry whey climbed to $0.3050 per pound, adding two cents to reach the highest price since May. One lot changed hands.
Fourth quarter dry whey futures advanced to $0.3412 per pound, $0.0132 higher.
The September corn contract dipped to $4.6100 per bushel, giving up $0.0075. September soybean futures dropped to $13.6000 per bushel, falling by $0.2125.
FROM THE TRADING DESK: Spot NDM slipped to $1.0725 per pound today – the lowest since 2020. The futures market was under pressure too – with November 2023 through July 2024 contracts slipping to life-of-contract lows. What’s next for NDM? At this point, market participants are eagerly awaiting to see what happens at next week’s GDT auction.