Spot butter once again inched closer to the $3.20-per-pound mark, gaining 1.5 cents to reach $3.1900. The CME NDM market also added 1.5 cents, advancing to $1.3800 per pound, with four lots changing hands. CME barrels also rose, settling at $2.2850 per pound, up a penny, while blocks were unchanged at $2.2700. No volume traded for cheese or butter.
While CME cheese advanced just slightly, Class III futures shot higher. Q4 contracts settled at $22.83 per hundredweight, tacking on 64 cents. That put Class III over Class IV, which climbed to $22.64 per hundredweight, up 20 cents.
U.S. crop conditions remain strong. As of September 8, 64% of the corn crop and was in good/excellent condition according to USDA, down slightly from 65% the previous week, but up from 52% in 2023. The soybean crop was unchanged on the week at 65% good/excellent and compared to 52% last year.
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.
