On Thursday, cash dairy prices on the Chicago Mercantile Exchange presented a mixed bag. CME spot barrels climbed to $2.1725 per pound, up 4.75 cents, with one lot traded. Spot blocks held steady at $2.0750 with five loads exchanged. Spot NDM rose to $1.31 per pound, tacking on $0.0050, with three lots sold. CME spot butter dipped to $3.1700 per pound, down $0.0275. Dairy cattle slaughter totaled 54,500 head for the week ending August 17, down 8.9% year-over-year but up 8.6% from the previous week. Class III futures followed CME cheese prices higher, with Q4 contract prices lifting to $22.16 per hundredweight, up 28 cents. Class IV futures finished at $22.64 per hundredweight, unchanged on the day.
Here’s a breakdown of Thursday’s market activity:
- Dry whey slightly increased, up $0.0075 to $0.56, although no sales were recorded.
- Forty-pound cheese blocks held steady at $2.0750, with five sales ranging from $2.0750 to $2.10.
- Cheese barrels experienced a bump, climbing $0.0475 to $2.1725, with one sale recorded at $2.16.
- Butter took a slight dip, down $0.0275 to $3.17, with no sales recorded.
- Nonfat dry milk edged up $0.0050 to $1.31, with three sales ranging from $1.3075 to $1.31.
Daily CME Cash Dairy Product Prices ($/lb.)
| Final | Change ¢/lb. | Trades | Bids | Offers | |
|---|---|---|---|---|---|
| Butter | 3.1700 | -2.75 | 0 | 2 | 3 |
| Cheddar Block | 2.0750 | NC | 5 | 2 | 0 |
| Cheddar Barrel | 2.1725 | +4.75 | 1 | 1 | 0 |
| NDM Grade A | 1.3100 | +0.50 | 3 | 2 | 6 |
| Dry Whey | 0.5600 | +0.75 | 0 | 4 | 1 |
Weekly CME Cash Dairy Product Prices ($/lb.)
| Mon | Tue | Wed | Thur | Current Avg. | Prior Week Avg. | Weekly Volume | |
| Butter | 3.175 | 3.1975 | 3.1975 | 3.17 | 3.185 | 3.159 | 16 |
| Cheddar Block | 2.14 | 2.14 | 2.075 | 2.075 | 2.1075 | 2.082 | 13 |
| Cheddar Barrel | 2.25 | 2.25 | 2.125 | 2.1725 | 2.1994 | 2.225 | 3 |
| NDM Grade A | 1.2975 | 1.315 | 1.305 | 1.31 | 1.3069 | 1.279 | 35 |
| Dry Whey | 0.565 | 0.565 | 0.5525 | 0.56 | 0.5606 | 0.561 | 7 |
CME Futures Settlement Prices
| Mon | Tue | Wed | Thur | |
| Class III (SEP) $/CWT. | 22.54 | 22.55 | 22.12 | 22.2 |
| Class IV (SEP) $/CWT. | 22.27 | 22.59 | 22.59 | 22.58 |
| Cheese (SEP) $/LB. | 2.205 | 2.194 | 2.155 | 2.165 |
| Blocks (SEP)$/LB. | 2.14 | 2.14 | 2.14 | 2.14 |
| Dry Whey (SEP) $/LB. | 0.54 | 0.54 | 0.54 | 0.54 |
| NDM (SEP) $/LB. | 1.2775 | 1.3045 | 1.2875 | 1.2775 |
| Butter (SEP) $/LB. | 3.1995 | 3.2175 | 3.2175 | 3.194 |
| Corn (SEP) $/BU. | 4.24 | 3.6725 | 4.2625 | 4.2925 |
| Corn (DEC) $/BU. | 3.86 | 3.925 | 3.905 | 3.955 |
| Soybeans (SEP) $/BU. | 9.6075 | 9.695 | 9.5925 | 9.7275 |
| Soybeans (NOV) $/BU. | 9.81 | 9.8775 | 9.765 | 9.9175 |
| Soybean Meal (SEP) $/TON | 312.2 | 317.3 | 310.5 | 308.2 |
| Soybean Meal (DEC) $/TON | 308.1 | 312.4 | 308.3 | 310.5 |
| Live Cattle (OCT) $/CWT. | 176.98 | 179.18 | 178.68 | 177.85 |
Trading commodities futures and options entails considerable risk. Investors must carefully balance these risks with their financial status. Although we obtained the material from credible sources, it has not been independently confirmed. This article represents the author’s viewpoint, not necessarily that of The Bullvine, and is meant as a solicitation. Remember that previous performance does not guarantee future outcomes.
