CME block cheese made up ground lost during the tail end of last week, settling at $1.9500 per pound, two cents higher, with one lot traded. Barrels rose to $1.9750 per pound, up a half cent, with zero loads exchanged. Meanwhile, NDM trade remains healthy, with prices adding $0.0075 and climbing to $1.2400 per pound, with nine lots sold. Butter prices, however, slipped to $3.0875 per pound, giving up $0.0025, with two loads exchanged.
Producer margins remain noteworthy as Q4 Class III milk futures got a boost today, rising to $20.57 per hundredweight, up 11 cents, and Class IV Q4 prices remained steady at $21.41 per hundredweight. At the same time, nearby soybean futures tumbled to $10.5475 per bushel today, down 22.75 cents to the lowest price since November 2020.
Crop conditions across the country remain exemplary with 68% of the current corn crop rated good-to-excellent, a slight improvement from last week’s 67%. The soybean crop is performing well, too, with 67% of the crop rated good-to excellent, dipping marginally from last week’s 68%.
