CME NDM Up a Penny on Heavy Volume

Spot NDM advanced to $1.1000 per pound, gaining a penny. Fifteen lots traded, the heaviest single-day volume since September 2022.

Fourth quarter NDM futures rose to $1.1291 per pound, adding $0.0082.

Spot blocks were unchanged at $1.9625 per pound, with zero loads exchanged. Barrels remained at $1.8675 per pound, with no lots changing hands.

The October Class III contract jumped to $19.21 per hundredweight, up 26 cents.

October “all cheese” futures increased to $1.9940 per pound, tacking on two cents.

Spot butter climbed to $2.7300 per pound, one cent higher, with 16 loads trading.

Fourth quarter butter contracts settled at $2.7359 per pound, gaining $0.0226.

Spot dry whey slipped to $0.3100 per pound, down a penny, with two lots exchanged.

Fourth quarter dry whey futures ticked up to $0.3498 per pound, adding $0.0023.

The September corn contract eased to $4.7075 per bushel, losing $0.0075. September soybean futures dropped to $13.4500 per bushel, shedding $0.1525.

FROM THE TRADING DESK: A block-versus-cheese-futures spread traded 150 times in Q1 and Q2 2024 at the price of $0.0230 per pound, highlighting what was an otherwise quiet session following unchanged spot pricing. NFDM futures prices came off session highs established pre-cash but climbed for a third consecutive day after GDT bounced and US supply concerns drove markets. Midwest and Northeast cream multiples returned to near or below the five-year average, while the West continues to trade about eight points higher than general seasonal standards.  Midwest spot milk moved to the highest basis of the year and is trading about $2.00 per hundredweight higher than typical.