CME butter added another 33 lots to its trading tally, bringing the weekly total so far to a new all-time high of 160. The butter price advanced to $2.6800 per pound, gaining 4.5 cents. CME barrels continued to find new support, leaping eight cents past the $2 mark to settle at $2.0100 per pound. But blocks moved in the opposite direction, shedding $0.0175 and closing at $1.9250 per pound. Four loads of blocks and one lot of barrels traded.
Class III futures jumped higher along with CME barrels. November and December contracts settled at $21.46 and $21.49 per hundredweight, gaining 30 and 21 cents, respectively. The gains extended into Q1, with futures climbing to $20.36 per hundredweight, 21 cents higher. Class IV also advanced. November and December contracts closed at $21.26 and $21.20 per hundredweight, up 11 and 10 cents.
In September, consumer spending outpaced expectations, totaling $714.4 billion. That was up 0.4% compared to August and +1.7% year-over-year. The September inflation rate was +0.2% and +2.4%. Grocery spending rose 1.0% on the month and +2.5% year-over-year, versus inflation of +0.4% and +1.3%, while food service and drinking places sales lifted 1.0% and +3.7%. The food-away-from-home inflation rate was +0.3% on the month and +3.9% versus 2023.
