Thursday’s Chicago Mercantile Exchange (CME) trading session delivered mixed results.
Let’s break it down:
- Dry whey held steady at $0.59, with one trade.
- Blocks dipped by $0.0350 to $2.28, with four trades ranging from $2.27 to $2.3175.
- Barrels rose by $0.05 to $2.4350, with two sales at $2.40.
- Butter fell by $0.09, closing at $3.0850, with twelve sales from $3.0850 to $3.12.
- Nonfat dry milk was slightly down by $0.0025, ending at $1.3950, with nineteen sales ranging from $1.3950 to $1.4025.
The market shows volatility but also potential, especially ahead of the supply and demand report.
CME spot butter settled at $3.0850 per pound, giving up nine cents, while NDM dipped to $1.3950 per pound, down $0.0025.
Spot cheese was mixed:
- Blocks dipped to $2.2800 per pound, losing 3.5 cents.
- Barrels rose to $2.4350 per pound, adding five cents.
The latest WASDE report was neutral, with relatively unchanged supply and demand fundamentals. September US new-crop corn ending stocks came in at 2.057 billion bushels, down slightly from 2.073 billion in August but above trade expectations of 2.007 billion bushels. US new-crop soybean ending stocks were pegged at 550 million bushels, down slightly from 540 million in August and below trade expectations of 565 million bushels. This suggests a generous soybean and corn harvest is on the horizon, adding to US stockpiles.
Following the WASDE report, grain prices initially dropped but soon rallied. September corn futures settled at $3.8625 per bushel, up 5.75 cents, while the nearby soybean contract climbed to $9.9150 per bushel, up 11.75 cents.
Daily CME Cash Dairy Product Prices ($/lb.)
| Final | Change ¢/lb. | Trades | Bids | Offers | |
| Butter | 3.085 | -9 | 12 | 0 | 0 |
| Cheddar Block | 2.28 | -3.5 | 4 | 0 | 0 |
| Cheddar Barrel | 2.435 | 5 | 2 | 0 | 0 |
| NDM Grade A | 1.395 | -0.25 | 19 | 0 | 0 |
| Dry Whey | 0.59 | NC | 1 | 0 | 0 |
Weekly CME Cash Dairy Product Prices ($/lb.)
| Mon | Tue | Wed | Thur | Current Avg. | Prior Week Avg. | Weekly Volume | |
| Butter | 3.19 | 3.175 | 3.175 | 3.085 | 3.1563 | 3.1594 | 12 |
| Cheddar Block | 2.27 | 2.305 | 2.315 | 2.28 | 2.2925 | 2.2363 | 6 |
| Cheddar Barrel | 2.285 | 2.34 | 2.385 | 2.435 | 2.3613 | 2.2588 | 3 |
| NDM Grade A | 1.38 | 1.395 | 1.3975 | 1.395 | 1.3919 | 1.355 | 30 |
| Dry Whey | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 | 0.5725 | 6 |
