Spot butter prices tumbled, giving up seven cents to reach $2.6800 per pound, the lowest level since January. Four lots of butter were sold. Block prices fell to $2.0275 per pound, down 5.25 cents. Meanwhile, barrel prices ticked up slightly to $2.1525 per pound, adding $0.0075. Zero loads of either were exchanged.
Europe’s cheese and butter prices continue to outpace the rest of the world. EU cheese prices averaged $2.63 per pound this week, compared to New Zealand’s price of $2.09 and the US price of $2.13 per pound. The spread is more pronounced with butter, even as all prices eased from last week’s highs. European prices slid to $4.02 per pound, compared to New Zealand’s $2.84 and the US price of $2.75 per pound (international prices adjusted for 80% butterfat
Class III futures were red today, with the nearby contract settling at $22.97 per hundredweight, down 13 cents. Q4 prices also fell to $21.39 per hundredweight, 31 cents lower. It was a similar story in Class IV, with Q4 prices slipping to $21.03 per hundredweight, giving up 13 cents.
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.
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