Spot butter and cheese continued to decline. Butter settled at $2.7900 per pound, giving up seven cents to reach the lowest price since March. Nine lots were exchanged. Meanwhile, blocks slipped to $2.1450 per pound, down three cents and barrels dipped to $2.4000 per pound, losing $0.0275. No loads of either were sold.
The latest USDA Cold Storage report was neutral for cheese and butter. August cheese stocks were pegged at 1.4 billion pounds, down 0.2% (-3.1 million pounds) month-over-month and -6.4% (-95.1 million pounds) year-over-year. Butter stocks reached 323 million pounds, down 8.4% (-29.6 million pounds) from July but up 10.8% (+31.5 million pounds) year-over-year.
Q4 Class III futures finished in the red, settling at $22.51 per hundredweight, down nine cents. Looking ahead to Q1 2025, however, prices were in the green at $20.00 per hundredweight, up eight cents. Class IV followed butter lower today, with Q4 futures sliding to $21.37 per hundredweight, down 38 cents.
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.
