In Chicago, CME cheese prices gave up ground. Blocks slid to $2.2375 per pound, down 3.75 cents and barrels dipped to $2.5900 per pound, losing two cents. No lots of either were exchanged. Butter, on the other hand, ticked up to $2.9725 per pound, adding a quarter cent with five lots traded.
August milk production was down less-than expected, slipping 0.1% year-over-year, the smallest decline in 14 months. California’s milk production rose 2.0% on the year, the biggest increase in two years as milder weather allowed for an easier comparison against 2023 and HPAI wasn’t detected until late in the month.
Class III futures followed cheese slightly lower, with Q4 prices sliding back to $22.89 per hundredweight, giving up 10 cents. Quarter four Class IV prices, however, rose to $22.23 per hundredweight, up four cents.
Ever.Ag - The risk of loss trading commodity futures and options can be substantial. Investors should carefully consider the inherent risks in light of their financial condition. The information contained herein has been obtained from sources to be reliable, however, no independent verification has been made. The information contained herein is strictly the opinion of its author and not necessarily of Ever.Ag and is intended to be a solicitation. Past performance is not indicative of future results.
