Cheese prices continue to face pressure, with CME blocks now sitting at their lowest level in two weeks. Class III futures were trading mostly lower to start the trading session and the trend continued after spots. Q4 Class III prices closed at $18.44 per hundredweight, down another $0.07. Butter and powder prices moved in opposite directions. Spot butter prices slumped and nearby futures stepped notably lower. NDM prices, meanwhile, picked up following a rise in SMP prices at today’s GDT auction.
Today’s Highlights from Ever.Ag’s Know Your Markets
- The CME butter market dropped again, down four cents to $2.5400 per pound, with no trades. Spot blocks and barrels each shed two cents, closing at $1.6250 and $1.6500 per pound, respectively. Four lots of blocks and zero of barrels changed hands. After a bump in GDT prices, spot NDM rose to $1.2750 per pound, adding $0.0075, with four loads exchanged.
- Milk powder prices ticked higher at the GlobalDairyTrade auction, with SMP up 2.5% to $1.26 per pound and WMP rising 1.8% to $1.78. Most other commodities declined. The biggest drop was in cheddar, down 5.6% to $2.08 per pound. Butter eased just 0.4% to $3.40.
- After several months of cooling, inflation picked up again – slightly – in June. The Consumer Price Index rose 0.3% on the month and +2.7% year-over-year compared to +0.1% and +2.4% in the May report. Grocery prices advanced 0.2% from May and +2.4% on the year versus +0.3% and +2.3% the previous month. Menu prices increased 0.4% month-over-month and +3.8% versus 2024 compared to May’s +0.3% and +3.8%.
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