The spot market was relatively quiet, with the exception of whey, which jumped to $0.5700 per pound, tacking on three cents to reach the highest price since May 2022. Butter seemed to shake off yesterday’s Cold Storage report, dipping just slightly to $3.0925 per pound, $0.0025 lower. Cheese was also subdued, with both blocks and barrels maintaining yesterday’s prices of $1.9300 per pound and $1.9700 per pound, respectively.
The grain market took a tumble, with September corn falling back below $4 to settle at $3.9450 per bushel, down 11.5 cents. The nearby soybean contract slipped to $10.7750 per bushel, giving up 38.5 cents. Soybean meal also dipped to $353.30 per ton, giving up $9.90.
Stock indices rallied on Friday as the personal-consumption expenditures index – the Federal Reserve’s preferred inflation gauge – fell within expectations in June. The Dow Jones Industrial Average saw the largest gain, settling up roughly 1.7% on the day.
