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CME NDM Rebounds to $1.09

Spot NDM advanced to $1.0900 per pound, gaining $0.0325, with one lot trading.

November and December NDM contracts, along with February and March 2024 futures, settled at $1.1178, $1.1348, $1.1650 and $1.1775 per pound, respectively, each limit up (+4 cents).

Spot blocks climbed to $1.9625 per pound, adding $0.0125, with zero loads changing hands. Barrels remained at $1.8675 per pound, with no lots exchanged.

Fourth quarter Class III futures increased to $18.74 per hundredweight, tacking on six cents.

The October “all cheese” contract lifted to $1.9740 per pound, up $0.0040.

Spot butter rose to $2.7200 per pound, a penny higher, with six loads trading.

Fourth quarter butter futures ticked up to $2.7133 per pound, gaining $0.0273.

Spot dry whey was unchanged at $0.3200 per pound, with four lots changing hands.

Fourth quarter dry whey contracts settled at $0.3475 per pound, adding $0.0041.

September corn futures rose to $4.7150 per bushel, a half cent higher. The September soybean contract jumped to $13.6025 per bushel, tacking on $0.1125.

FROM THE TRADING DESK: A bid in cheese early in the spot session later gave way to offers at and below the $2-per-pound mark for blocks, resulting in no trades. Grain markets chopped near opening prices, except wheat. Ukraine has a better-than-expected crop put together, but neighboring countries have banned the country’s wheat.