CME cheese markets continued to climb higher, as blocks rose to $2.0200 per pound, up two cents with six loads exchanged, and barrels jumped to $2.1600 per pound, up seven cents, to the highest price since October 2022. Three lots changed hands. Meanwhile, butter prices slipped to $3.1200 per pound, down two pennies with 11 loads traded.
Spot cheese prices gave Class III futures a slight boost with Q4 rising to $20.93 per hundredweight, up eight cents. Meanwhile, Class IV prices were undeterred by the dip in spot butter. Q4 prices climbed to $21.52 per hundredweight, tacking on 12 cents.
While milk futures rose, grain markets continued to slip. The August soybean contract fell below the $10 mark to settle at $9.8900 per bushel, down 23 cents. Soybean meal futures for September through December slipped below $300 a ton. At the same time, the nearby corn contract is down to $3.7775 per bushel, giving up $0.0550.
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.
