CME cheese markets continued to lose ground, with both blocks and barrels reaching the lowest levels since April. Blocks slipped to $1.6450 per pound, down $0.0375, and barrels closed at $1.6500 per pound, three cents lower. One lot of each changed hands. Spot butter started the session with a big tumble, only to stabilize and close at $2.5400 per pound, giving up just $0.0075, with nine loads exchanged. NDM also declined, giving up $0.0125 to settle at $1.3675 per pound, with six lots changing hands.
Class III futures continued the downward trajectory along with spot cheese. The December and January contracts closed at $18.47 and $18.26 per hundredweight, shedding 21 and 20 cents, respectively.
It was a relatively quiet day on the grain side, as harvest is complete and exports are largely lackluster. December corn futures lost $0.0125 to land at $4.2550 per bushel, while soybeans ticked up to $9.8350 per bushel, adding $0.0575.
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.
