Markets have been buzzing with activity, and you’re probably wondering what’s moving on the needle today. On Thursday, September 5, 2024, we saw interesting, steady-to-higher movements in CME cash dairy trading. It’s a sign that underlying shifts might need our attention. Let’s dive right into the numbers.
- Dry Whey: Increased slightly by $0.0025 to hit $0.5675. Although no sales were recorded, this minor uptick is worth noting.
- Forty-Pound Cheese Blocks: The price held steady at $2.23, with no sales recorded.
- Cheese Barrels: Unchanged at $2.25, but we did see one sale at that price.
- Butter: Increased by $0.0150, reaching $3.1625. Notably, three sales were recorded at prices ranging from $3.1625 to $3.17.
- Nonfat Dry Milk: A modest uptick of $0.0025 brought the price to $1.3575. Two sales were recorded at prices close to this mark, $1.3575 and $1.36.
Butter bounced back to $3.1625 per pound, up 1.5 cents with three lots trading. Spot NDM also rose, reaching $1.3575 per pound, adding $0.0025 with two loads exchanged. Cheese prices stayed the same at $2.2300 per pound for blocks and $2.2500 per pound for barrels.
Warmer days have challenged cow comfort and affected weekly milk yields. Midwest spot prices are now $1.75 above class, up from $1.25 last week and much higher than the five-year average of -$0.25. Cream supplies have loosened as ice cream production slowed, with Midwest cream multiples dipping to 1.31 this week from 1.34 last week.
With the corn harvest starting in parts of the Midwest, September corn futures fell slightly to $3.90 per bushel, dropping $0.0050. However, soybean prices gained some strength, rising to $10.0825 per bushel, up $0.0225.
Daily CME Cash Dairy Product Prices ($/lb.)
| Final | Change ¢/lb. | Trades | Bids | Offers | |
| Butter | 3.1625 | 1.5 | 3 | 3 | 1 |
| Cheddar Block | 2.23 | NC | 0 | 1 | 1 |
| Cheddar Barrel | 2.25 | NC | 1 | 0 | 0 |
| NDM Grade A | 1.3575 | 0.25 | 2 | 0 | 3 |
| Dry Whey | 0.5675 | 0.25 | 0 | 2 | 1 |
Weekly CME Cash Dairy Product Prices ($/lb.)
| Tue | Wed | Thur | Current Avg. | Prior Week Avg. | Weekly Volume | |
| Butter | 3.1525 | 3.1475 | 3.1625 | 3.1542 | 3.182 | 16 |
| Cheddar Block | 2.215 | 2.23 | 2.23 | 2.225 | 2.128 | 2 |
| Cheddar Barrel | 2.26 | 2.25 | 2.25 | 2.2533 | 2.2115 | 3 |
| NDM Grade A | 1.3425 | 1.355 | 1.3575 | 1.3517 | 1.3115 | 10 |
| Dry Whey | 0.57 | 0.565 | 0.5675 | 0.5675 | 0.5605 | 2 |
CME Futures Settlement Prices
| Tue | Wed | Thur | |
| Class III (SEP) $/CWT. | 22.54 | 22.6 | 22.83 |
| Class IV (SEP) $/CWT. | 22.51 | 22.38 | 22.7 |
| Cheese (SEP) $/LB. | 2.213 | 2.219 | 2.227 |
| Blocks (SEP)$/LB. | 2.135 | 2.135 | 2.217 |
| Dry Whey (SEP) $/LB. | 0.5328 | 0.5285 | 0.5558 |
| NDM (SEP) $/LB. | 1.2775 | 1.29 | 1.3275 |
| Butter (SEP) $/LB. | 3.165 | 3.17 | 3.1853 |
| Corn (SEP) $/BU. | 3.8525 | 3.9125 | 3.9 |
| Corn (DEC) $/BU. | 4.09 | 4.13 | 4.1075 |
| Soybeans (SEP) $/BU. | 9.96 | 1.005 | 9.995 |
| Soybeans (NOV) $/BU. | 1.015 | 1.0275 | 1.0225 |
| Soybean Meal (SEP) $/TON | 320 | 323.3 | 320.6 |
| Soybean Meal (DEC) $/TON | 321.1 | 328.6 | 326.9 |
| Live Cattle (OCT) $/CWT. | 179.53 | 179.18 | 177.13 |
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