GDT, CME Cheese Down

Cheddar prices at the latest GlobalDairyTrade event fell 10.0% to $3,637 per metric ton, or $1.65 per pound.

Spot blocks slipped to $1.5900 per pound, a penny lower, with one lot trading. Barrels decreased to $1.4950 per pound, down 1.5 cents, with zero loads changing hands.

The December Class III contract rose to $16.40 per hundredweight, tacking on two cents.

First quarter “all cheese” futures lifted to $1.7423 per pound, up $0.0067.

GDT butter dipped 1.2% to $4,833 per metric ton, or $2.19 per pound (adjusted to 82% butterfat).

Spot butter climbed to $2.5300 per pound, $0.125 higher, with eight lots exchanged.

First quarter butter contracts bumped up to $2.4662 per pound, gaining $0.0145.

GDT SMP dropped 3.7% to $2,622 per metric ton, or $1.19 per pound. WMP advanced 1.9% to $3,027 per metric ton, or $1.37 per pound.

Spot NDM declined to $1.1725 per pound, losing two cents, with one load trading.

First half NDM futures settled at $1.2576 per pound, $0.0192 lower.

Spot dry whey eased to $0.3975 per pound, giving up a half cent, with two lots changing hands.

First quarter dry whey contracts slipped to $0.4232 per pound, down $0.0067.

December corn futures lifted to $4.70000 per bushel, adding a half cent. The January soybean contract jumped to $13.7725 per bushel, a dime higher.

FROM THE TRADING DESK: Weakness out of today’s GDT SMP auction seemed to spill over into the US NDM market. Export competitiveness also remains a key question in the cheese market today and on into 2024. GDT cheddar prices slumped and US spot prices seemed to follow that lead. CME spot block prices dropped to $1.5900 per pound – the lowest since late July.