Butter continued its post-Cold Storage climb, adding $0.0225 to reach a new year-to-date high of $3.1975 per pound. Thirteen loads changed hands. Spot NDM also advanced, passing the $1.30-per-pound mark for the first time since January 2023 and settling at $1.3150 per pound, up $0.0175, with 13 lots exchanged. Following yesterday’s surge, CME cheese markets took a break, with blocks and barrels unchanged at $2.1400 and $2.2500 per pound, respectively.
Class IV futures jumped following higher prices in spot butter and NDM. Fourth quarter contracts settled at $22.78 per hundredweight, gaining 48 cents. The March 2025 NDM contract advanced to $1.3640 per pound, limit up (+4 cents).
In June, EU-28 milk production remained above prior-year levels for the fifth consecutive month, up 0.9% year-over-year. Increases in countries like Italy and Poland, combined with smaller losses in Ireland, are helping bump output.
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