Spot cheese saw a small bump. Class III futures spent most of the session trading down just slightly on the day while the cheese futures traded around five cents higher. When looking at cheese futures in the current quarter, we’re approaching the lows hit in late June for both the August and September contracts. From a technical perspective, failing to break through those lows would be a sign of strength and could lead to a push back to the prices we traded at the end of June. In the Class IV space, spot butter seems to have found a comfortable range between $2.50 and $2.60. Futures, on the other hand, have maintained a premium that has started to wane a little, with prices today trading roughly five cents lower through the remainder of 2025.
Today’s Highlights from Ever.Ag’s Know Your Markets
- The CME butter market dropped back below the $2.60 mark, shedding 5.5 cents to close at $2.5625 per pound. Six loads changed hands. The other main mover was spot dry whey, which slipped to $0.5900 per pound, 1.5 cents lower, with two lots exchanged. Blocks ticked up to $1.6950 per pound, adding a quarter cent, while barrels and NDM ended the day unchanged.
- The drop in butter carried over to Class IV, with August down 15 cents to $19.21 per hundredweight and Q4 settling down 13 cents at $19.85. The August butter contract slipped to $2.6505 per pound, a loss of $0.0505. Class III futures were mixed through the end of 2025, while “all cheese” took only small steps higher.
- Milk powder prices remain tightly grouped, with the CME NDM averaging $1.27 per pound so far this week. Europe is just slightly behind at $1.26, with New Zealand the least expensive at $1.23. At $2.60 per pound, US butter is still far below New Zealand’s $3.33 and EU’s $3.86. The weekly average CME cheese price sits at $1.72 per pound compared to $2.20 in New Zealand and $2.43 in Europe.
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