Following a slow performance in the spot market yesterday, today’s trading saw a bit more activity ahead of the early market close. CME block prices finished higher, while barrel prices experienced a modest $0.0125 decline. Class III Q1 futures responded positively to the spot market movement, with the average gaining approximately 18 cents. Markets are closed Wednesday for the Christmas holiday. Wishing everyone a safe and joyful holiday!
Today’s Highlights
- The CME butter market rebounded after yesterday’s dip, climbing to $2.5800 per pound, up $0.0325. That’s the highest CME spot butter price in more than a month. Two lots traded. Blocks also advanced, adding $0.0075 to reach $1.8600 per pound, while barrels slipped to $1.7400 per pound, $0.0125 lower. One lot of blocks and three of barrels changed hands.
- Q1 Class III futures were mixed, settling at $19.82 per hundredweight, gaining 19 cents. Butter contracts were also on the rise, with Q1 gaining $0.0129 to close at $2.6834 per pound.
- The nearby corn contract continued to inch higher, finishing the day at $4.4850 per bushel, gaining $0.0075. Nearby soybeans regained yesterday’s losses and rose to $9.7525 per bushel, tacking on $0.0575.
