After last week’s fireworks, CME markets got off to a relatively quiet start this week. Spot NDM added a penny and butter rose a half cent to reach $1.2650 and $3.1850 per pound, respectively, each hitting a new year-to-date high. Three lots of NDM and six loads of butter changed hands. Blocks and barrels both remained unchanged at $2.1000 and $2.2550 per pound, with no trades.
CME cheese markets may have held steady, but Class III futures jumped. The September contract rose to $22.30 per hundredweight, 39 cents higher, while Q4 settled at $21.44 per hundredweight, gaining 29 cents.
Crop conditions are holding steady at a higher-than-average level. As of August 18, USDA rated 67% of the corn crop and 68% of the soybean crop as good/excellent, unchanged on the week. Both crops are well above the five-year average of 58% for corn and 59% for soybeans.
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.
