In Chicago today, butter regained ground and climbed to $3.1625 per pound, up 1.5 cents with three lots trading and spot NDM continues to march higher, reaching $1.3575 per pound, tacking on $0.0025 with two loads exchanged. Meanwhile, cheese prices were unchanged at $2.2300 per pound for blocks and $2.2500 per pound for barrels.
Recent warmer days have tested cow comfort and put pressure on weekly milk yields. Midwest spot prices are $1.75 above class, up from +$1.25 last week and well ahead of the five-year average of -$0.25 at this time. At the same time, cream supplies loosened as ice cream production slowed down. Midwest cream multiples dipped to 1.31 this week, down from 1.34 last week.
With corn harvest beginning across parts of the Midwest, September corn futures dipped to $3.90 per bushel, giving up $0.0050. Soybean prices, however, have found some strength, rising to $10.0825 per bushel, up $0.0225.
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.
