Consistent sell-side pressure kept gains limited in cheese markets, but after a week of holding in the low-$1.60s and with this much volume changing hands, there’s a case building for some spot market upside in the months ahead as demand strengthens seasonally. Butter dropped to the lowest level in a month. Similarly, second half butter futures closed at $2.6243, the lowest since May. Nearby Class IV futures continue to trade at a steady premium to the complex but need some fundamental support to keep pushing higher. With butter export interest still alive and a heavy demand stretch ahead, there’s still reason to remain optimistic about the Class IV space as we move through the back half of summer.
Today’s Highlights from Ever.Ag’s Know Your Markets
- Spot butter ended the week with another decline, losing $0.0175 to close at $2.5125 per pound. No lots traded, bringing the full-week total to seven loads, the smallest weekly volume since early July 2024. Spot blocks rose a quarter cent to $1.6425 per pound, while barrels advanced to $1.6600 per pound, a penny higher. Fourteen loads of blocks and one of barrels changed hands. Spot dry whey shed 1.5 cents and settled at $0.5575 per pound, with five lots exchanged.
- Butter contracts were consistently in the red through the rest of 2025. Q4 dropped to $2.6523 per pound, shedding $0.0360. Class III futures were mixed, with August up a nickel to $17.77 per hundredweight and September down four cents to $18.23.
- After tumbling last week, crop futures ended Friday with a jump higher. September corn closed at $4.0750 per bushel, up 6.5 cents on the day and +11.5 cents versus last week. August soybeans settled at $10.2775 per bushel, $0.0625 higher on the day and +23.5 cents week-over-week.
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