Spot block cheese continued its push higher today, driving September Class III to the $18.70 range. Many believe July export numbers will continue June’s trend of historic strength, possibly leading the block price back to year-to-date highs. Butter, on the other hand, is seeing more weakness in the market. This is taking away the premium Class IV has held to Class III the last couple of months, bringing the prices closer to parity.
Today’s Highlights from Ever.Ag’s Know Your Markets
Spot butter continued its downward trend, shedding three cents to close at $2.4000 per pound, the lowest price since May. Three lots changed hands. NDM also eased, dipping to $1.2700 per pound, a penny lower, with three loads exchanged. CME cheese markets climbed again, with spot blocks up 2.5 cents to $1.8250 per pound and barrels rising to $1.7950 per pound, a half-cent gain. Five lots of blocks and three of barrels traded. Spot dry whey added a penny to close at $0.5700 per pound, with one load exchanged.
increased demand tightened supplies. USDA reported the spot price in the Midwest at a midpoint of $0.50 per hundredweight over class compared to -$0.50 last week, +$1.25 last year and -$2.00 on the five-year average. Cooling demand is offsetting any decreases in cream output. USDA pegged Class II multiples in the Central region at 126, down from last week’s 127, 140 in 2024 and 138 on the five-year average.
Slaughter rates picked up slightly for the week ending July 26, totaling 51,400 head, up 0.4% on the year. While culling slowed down in the West (-26.7%) and Mid-Atlantic (-13.4%), numbers climbed in the South (+23.3%), Northwest (+14.3%) and Midwest (+16.2%).
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