The Q3 DRP deadline is here. Class IV futures rose today, while Class III oscillated between higher and lower, ultimately closing slightly down. If you need any last-minute coverage, Q3 Class III DRP features a $17.74 per hundredweight trigger price for around 15 cents. For Class IV, you can protect $18.44 per hundredweight for less than six cents. To add insurance, please reach out to your agent to get it booked before 9:00 AM CT Sunday.
Today’s Highlights from Ever.Ag’s Know Your Markets
- The CME butter market moved on strong volume again, with 37 lots changing hands today – up two from Wednesday’s eight-month high of 35. That brought the full week total to 135, the busiest week since October. The spot price rose 2.5 cents to $2.5700 per pound. Spot blocks edged downward $0.0025 to close the week at $1.8375, while barrels dropped 1.5 cents to $1.8350. Fifteen loads of blocks and one barrel traded.
- Class III futures slipped following the move lower on spot cheese, with second half contracts closing at $18.78 per hundredweight, a six-cent loss. The rise in CME butter gave strength to the Class IV curve. Third quarter futures rose to $19.41 per hundredweight, adding 15 cents.
- Soybean contracts shot higher after reports the EPA is changing biofuel blending requirements for oil refiners. The July and November contracts each leapt 27.5 cents, settling at $10.6975 and $10.5475 per bushel, respectively. Corn also advanced following yesterday’s supportive WASDE, with July futures up six cents to $4.4450 per bushel.
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.
