In Chicago, the CME barrel market slowed its plunge, settling at $2.1450 per pound, declining by $0.0025. But spot blocks dropped four cents to close the session at $2.0800 per pound. Three loads of blocks and two lots of barrels changed hands. Meanwhile, GlobalDairyTrade auction prices were mixed as China pulled back a bit in its buying, but Southeast Asia and the Middle East picked up the slack. SMP prices dipped 0.5% to $2,795 per metric ton, or $1.27 per pound, while SMP rose 3.2% to $3,559 per metric ton, or $1.61 per pound.
Class III futures through the rest of 2024 continued to decline, with the November contract down 27 cents to $22.61 per hundredweight. Butter futures also dropped. November futures slipped to $2.8278 per pound, $0.0528 lower, while the December contract eased to $2.8150, down $0.0065. On the EEX, December butter (adjusted to 80% fat) fell 30 cents.
Dockworkers on the East and Gulf coasts are now on strike for the first time since 1977, an action that could tangle supply chains and reheat inflation if it continues long enough. Analysts don’t predict major impacts on dairy and grain exports.
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