Spot butter fell to a new multi-year low, shedding 3.5 cents to close at $2.2400 per pound, a price last seen in December 2021.
Spot cheese activity picked up some today. Twelve loads of blocks traded with some as low as $1.68. However, by the end of the session, buyers bid the market back up to $1.72 (a two-cent gain for the day). Only one load of barrels changed hands, with prices slipping a quarter cent. Meanwhile, over in Class IV, butter was offered lower once again. Anecdotal reports indicate there may be some butter export deals but details, specifically around timing, are unknown.
Today’s Highlights from Ever.Ag’s Know Your Markets
- Spot butter fell to a new multi-year low, shedding 3.5 cents to close at $2.2400 per pound, a price last seen in December 2021. One lot traded. Blocks advanced to $1.7200 per pound, gaining two cents, while barrels dipped to $1.7025, down a quarter cent. Twelve loads of blocks and one of barrels changed hands.
- Class III was relatively quiet, with the May contract up just four cents to $18.34 per hundredweight. But CME butter losses carried over into the futures market. Q3 futures declined to $2.4578 per pound, shedding $0.0193.
- Nearby grain futures took a tumble today. The May corn contract slid 15 cents to $4.6050 per bushel, while May soybeans slipped to $10.4100 per bushel, an 11-cent decline.
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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