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CME cheese markets continued to retreat.
Tight supplies continue to drive the dry whey market upward.
Crop conditions across the country remain exemplary with 68% of the current corn crop rated good-to-excellent, a slight improvement from last week’s 67%.
The grain market took a tumble with September corn falling back below $4.
USDA’s June Cold Storage report was neutral for butter but bullish for cheese.
It was whey’s turn to shine in Chicago today, as prices elevated to $0.5400 per pound, up a penny to the highest level since June 2022.
USDA pegged U.S. milk production at 18.8 billion pounds in June. That was down 1.0% versus 2023, a bigger drop than anticipated.
Spot cheese prices started the week off with an increase. Crop conditions are holding relatively steady through the dog days of summer.
CME spot markets got off to a slow start for this holiday week.