Market_Monitor_091823
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CME Barrels Tumble Nine Cents

Barrels fell to $1.7200 per pound, shedding nine cents, with one lot trading. Spot blocks were unchanged at $1.8800 per pound, with zero loads exchanged.

US milk production totaled 19.0 billion pounds in August, down 0.2% on the year and ahead of expectations. The US herd reached 9.39 million head, unchanged compared to July and down 16,000 cows year-over-year.

Fourth quarter Class III futures decreased to $17.98 per hundredweight, losing 28 cents.

Fourth quarter “all cheese” contracts settled at $1.8787 per pound, $0.0343 lower.

Spot butter jumped to $2.7700 per pound, gaining $0.0525, with three lots changing hands.

October butter futures advanced to $2.7300 per pound, $0.0060 higher.

Spot NDM remained at $1.1125 per pound, with zero loads trading.

The October NDM contract eased to $1.1128 per pound, giving up $0.0053.

Spot dry whey slipped to $0.2900 per pound, down a penny, with five lots exchanged.

October dry whey futures dipped to $0.3015 per pound, down $0.0035.

The December corn contract declined to $4.7150 per bushel, shedding $0.0475. November soybean futures dropped to $13.1675 per bushel, tumbling 23.5 cents.

FROM THE TRADING DESK: Offers weighed on the spot barrel market today. Sellers took the price down, but buyers were hard to come by, picking up only one load. The market settled at $1.7200 per pound, the lowest since July. An uptick of barrels in Chicago may signal lighter export sales – especially as EU mozzarella prices have been running below US values.