It was a quiet day in Chicago. Spot butter was the lone mover, with prices slipping to $2.6500 per pound, $0.0275 lower. Volume remained heavy, with 22 lots exchanged. CME cheese markets hit the pause button after recent plunges, remaining unchanged at $1.9275 per pound for blocks and $1.8800 for barrels.
Calm in the spot markets translated to a lack of fireworks in futures. November and December Class III contracts ticked up to $21.15 and $20.66 per hundredweight, up two cents and a penny, respectively.
US cheese and butter are less expensive than their global competitors, settling at $1.93 per pound and $2.68 per pound, respectively. New Zealand and EU cheese reached $2.09 and $2.58 per pound, respectively. New Zealand butter closed at $2.84 per pound (adjusted to 80% butterfat) and EU reached eased slightly to $3.92 per pound (on an 80% butterfat test). It’s the opposite story in NDM/SMP. US milk powder closed at $1.36 per pound, compared to $1.24 in New Zealand and $1.26 in Europe.
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.
