If you looked at the Class III futures market this afternoon, you probably wouldn’t have guessed that spot blocks reached a two-month high of $1.85 per pound today. Q4 Class III futures slipped to $18.31, off 28 cents per hundredweight. The Class IV space was under pressure too, with butter and powder both moving lower. Prices were red in the cattle markets too, with feeder cattle futures trading limit down today (-$9.25 per hundredweight) in the aftermath of new record highs yesterday.
Today’s Highlights from Ever.Ag’s Know Your Markets
- Spot butter ended the week with another drop, closing down 4.5 cents at $2.3550 per pound, the lowest level since late May. One load changed hands. CME cheese markets continued to advance, with blocks up 2.5 cents to $1.8500 per pound and barrels rising to $1.7975, a quarter-cent gain. Three lots of blocks and zero of barrels traded. Spot dry whey gained another penny, closing at $0.5800 per pound, with six lots exchanged.
- Strength in CME cheese didn’t carry over to futures markets. The biggest decline was in October Class III, down 37 cents to $18.37 per hundredweight. “All cheese” also declined, with the October contract slipping to $1.8740 per pound, $0.0390 lower.
- Crop futures moved slightly lower today. September and December corn declined to $3.8275 and $4.0550 per bushel, losing $0.0175 and 1.5 cents, respectively. The August soybean contract dipped a nickel to $9.6675 per bushel, while November decreased to $9.8750 per bushel, easing by $0.0625.
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.
