Spot butter dropped below the $3-per-pound mark for the first time since May. Prices slipped to $2.9700 per pound, giving up three cents to reach the lowest level since April. The CME barrel market eased off yesterday’s record high to finish the day at $2.6100 per pound, $0.0125 lower. But blocks gained ground, adding three cents to reach $2.2750 per pound. Three lots of blocks and zero of barrels changed hands.
Like the CME cheese market, fourth quarter Class III futures were mixed. The October contract leapt 39 cents to reach $23.99 per hundredweight, while average Q4 futures settled at $22.99, 30 cents lower.
Major stock indices shot higher on the heels of yesterday’s 0.5% interest rate cut. The S&P 500 passed 5,700 for the first time, while the Dow Jones topped a record set on Monday.
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.
