It was red across the board in Chicago today. Barrels tumbled to $2.2225 per pound, giving up six cents, with zero lots traded, and blocks slipped to $2.0775 per pound, down $0.0175, with just one lot exchanged. Butter prices eased to $3.1500 per pound, losing a penny, with zero loads sold.
Class III futures closed in the red, with Q4 settling at $21.23 per hundredweight, down 46 cents. Q4 “all-cheese” futures also fell, ending the day at $2.0590 per pound, giving up $0.0410. Meanwhile, grain prices continue to ease. September corn settled at $3.7150 per bushel, losing four cents, and the nearby soybean contract finished today at $9.4125 per bushel, down 21.75 cents.
Weather has stabilized across parts of the U.S., allowing for greater cow comfort. But milk supplies remain seasonally tight. And with school starting back up, so is bottling activity. Midwest spot prices this week averaged $2.63 per hundredweight over class, up from last week’s price of +$2.00 and well above the five-year-average of -$0.35.
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.
