Class III futures posted quite a rebound today. August milk settled at $18.33, up $0.63 to the highest level in a week. The lower prices of the past few days have reportedly helped generate some buy-side interest. Plus, heat in the Midwest seems to be weighing on milk flows a little bit. Looking to next week – keep an eye on trade talks as President Trump suggested the US is getting close to deals with some countries but plans to end all discussions with Canada.
Today’s Highlights from Ever.Ag’s Know Your Markets
- Nine lots of blocks traded at the CME, bringing the weekly total to 70 – the busiest week since December 2010. The spot price rose to $1.6200 per pound, a penny higher. Barrels jumped to $1.6650 per pound, $0.0275 higher, with one load exchanged. Spot butter also climbed, up 2.5 cents to $2.5625 per pound, with two lots trading.
- The rebound in CME cheese gave Class III futures a bump, with Q3 contracts leaping to $18.23 per hundredweight, a 50-cent gain. Q3 “all cheese” futures also advanced, up $0.0437 to $1.8620 per pound.
- After dropping all week, nearby corn and soybean futures finished Friday with a jump. July corn gained eight cents to reach $4.1750 per bushel, while soybeans lifted to $10.2775 per bushel, a nickel higher. Forward contracts also logged gains. December corn rose six cents to $4.2700 per bushel. November beans increased to $10.2475 per bushel, tacking on $0.0825. Monday brings USDA’s Quarterly Stocks and Acreage reports, which will give markets more direction in the weeks ahead.
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