Market_Monitor_091923
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CME Butter Jumps over $2.80

Spot butter leapt to $2.8300 per pound, gaining six cents to reach a new year-to-date high. Three lots traded.

Butter prices at the latest GlobalDairyTrade event advanced 2.9% to $4,723 per metric ton, or $2.14 per pound (adjusted to 82% butterfat).

The October butter contract advanced to $2.7640 per pound, $0.0340 higher.

Barrels tumbled to $1.6600 per pound, falling by six cents, with eight loads changing hands. Spot blocks were unchanged at $1.8800 per pound, with zero lots exchanged.

GDT cheddar prices slipped 1.4% to $4,044 per metric ton, or $1.83 per pound.

Fourth quarter Class III futures settled at $17.70 per hundredweight, losing 29 cents.

The October “all cheese” contract declined to $1.8470 per pound, down $0.0280.

Spot NDM rose to $1.1200 per pound, up $0.0075, with three loads trading.

GDT SMP prices jumped 5.0% to $2,400 per metric ton, or $1.09 per pound. WMP prices climbed 3.6% to $2,799 per metric ton, or $1.27 per pound.

Fourth quarter NDM futures dipped to $1.1408 per pound, $0.0039 lower.

Spot dry whey eased to $0.2825 per pound, giving up $0.0075, with three lots changing hands.

The October dry whey contract increased to $0.3025 per pound, adding $0.0010.

December corn futures rose to $4.7825 per bushel, gaining $0.0475. The November soybean contract slipped to $13.1550 per bushel, down $0.0125.

FROM THE TRADING DESK: GlobalDairyTrade prices picked up at today’s auction, with powders outperforming expectations and fats picking up. NDM futures started the day higher, but increased sell-side volume pressured prices lower to finish out the trading session. A combination of stronger GDT values and a six-cent pop in CME spot values helped spur butter futures higher across the board. October butter futures pushed to a new, life-of-contract high settlement of $2.7640 per pound, up 3.4 cents on the day.