In Chicago, butter tumbled to $3.0700 per pound, giving up six cents to hit the lowest price since June. Whey also slipped to $0.5900 per pound, down 1.5 cents. CME cheese prices, on the other hand, remain supported. Blocks rose to $2.3000 per pound, up 2.5 cents, and barrels rose to $2.4900 per pound, tacking on a half cent.
Despite strength in the spot cheese market, Q4 Class III futures dipped to $22.79 per hundredweight, giving up 38 cents. Class IV was more stable, with Q4 contracts decreasing to $22.50 per hundredweight and losing five cents.
Harvest is underway across much of the Midwest, with 9% of the US corn crop now in the bin, ahead of the five-year average of 6%. Soybean harvest is also underway, with 6% of the crop harvested, ahead of the five-year average of 3%.
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.
