Trading action picked up in the CME spot block auction today, but prices failed to budge. Thirteen lots changed hands – the most in over a week – as sell-side activity picked up. Buyers seemed eager to grab additional volume as a strong cash-and-carry remains. With US prices still globally competitive, there still appears to be opportunity in the international markets as well. Grain markets moved another leg lower today, with December corn prices flirting with life-of-contract lows near $4.11 per bushel, while December soybean meal pushed to new lows near $276 per ton.
Today’s Highlights from Ever.Ag’s Know Your Markets
- While spot blocks were unchanged at $1.6675 per pound, volume was heavy at 13 loads. Barrels gained a penny to close at $1.6350 per pound, with zero lots exchanged. The CME NDM market slipped to $1.2850 per pound, losing $0.0075, with two loads trading. Spot butter ticked up just a quarter cent to $2.5025 per pound. Three lots changed hands.
- After jumping yesterday, Class III futures slipped. The September contract dropped to $17.52 per hundredweight, shedding 27 cents, while Q4 declined to $18.14, a 14-cent loss. “All cheese” also moved lower through the rest of 2025, with the biggest move in September, down 2.5 cents to $1.8030 per pound.
- At this week’s GlobalDairyTrade Pulse, SMP closed at $1.28 per pound, down 1.0% on a Pulse-to-Pulse basis, but up 0.9% versus the previous main auction. WMP advanced to $1.80 per pound, 0.5% higher compared to the most recent Pulse and +2.1% from the latest main event.
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