Spot butter started the week by ticking up to $2.7125 per pound, 2.5 cents higher, with six lots trading. The CME barrel market continued to slip, but at a much slower pace than last week. Prices settled at $1.9325 per pound, down $0.0225. Blocks held steady at $1.9575 per pound, bringing barrels below blocks for the first time since August 7.
Class III contracts for the rest of 2024 fell, with November settling at $21.00 per hundredweight, down 39 cents, and December closing at $20.44 per hundredweight, 42 cents lower. Q1 futures dropped to $19.70 per hundredweight, a 19-cent loss.
As of October 6, farmers harvested 47% of the soybean crop, well ahead of 26% the previous week, 37% last year and 34% on the five-year average. Meanwhile, US corn harvest was 30% complete, up from 21% last week, but slightly below 31% in 2023. On the five-year average, 27% of corn harvest was complete by this time.
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.
