Class III futures settled mostly lower today, but markets still finished quite a bit higher on the week. Take June Class III milk settling at $18.31 per hundredweight today – that’s down 91 cents from the Wednesday peak ($19.22), but still up 45 cents from last Friday ($17.86). The futures market had gotten pretty far out ahead of the spot cheese market this week, so with block prices moving lower today, the futures market seemed compelled to follow along.
Today’s Highlights from Ever.Ag’s Know Your Markets
- CME cheese markets declined to end the week. Spot blocks slipped to $1.8175 per pound, $0.0225 lower, while barrels eased to $1.7700, down $0.0125. There were no trades. Spot butter ticked higher, gaining $0.0075 and closing at $2.3300 per pound, with no lots changing hands. NDM eased three quarters of a cent, ending the week at $1.2075 per pound, with nine loads exchanged.
- The June Class III contract fell to $18.31 per hundredweight, 44 cents lower. “All cheese” futures also declined, with June down $0.0390 to $1.8910 per pound.
- Grain markets are waiting for Monday’s World Agricultural Supply and Demand Estimates report. The nearby corn contract ticked up 2.5 cents to $4.4150 per bushel, while soybeans rose to $10.4400 per bushel, $0.0725 higher.
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