CME barrels continued to give up ground, slipping to $1.8750 per pound, down 3.25 cents. Spot blocks held steady at $1.9200 per pound. At the same time, butter eased to $2.6500 per pound, giving up a half cent.
Class III futures followed barrels downward, with the nearby contract setting at $22.72 per hundredweight, down three cents. Q4 prices also slipped to $21.13 per hundredweight, losing 11 cents. Class IV prices were steadier. October futures were unchanged at $20.91 per hundredweight, while Q4 prices dipped to $20.98 per hundredweight, giving up four cents.
Fall temperatures have been ideal for cow comfort. With milk more available and components robust, Midwest spot prices dropped to $0.50 over class, down from +$1.25 last week. Cream supplies also remain ample. Midwest cream multiples this week averaged 1.29, down slightly from 1.30 last week.
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.
