After spending the last two days jumping to new year-to-date highs, CME cheese markets slowed their climb today. Blocks rose to $2.0275 per pound, up $0.0075, while barrels settled at $2.1650 per pound, a half cent higher. Eight lots of blocks and four loads of barrels traded. CME NDM also continued to regain lost ground, adding a penny to reach $1.2425 per pound, with seven loads exchanged. Spot butter was unchanged at $3.1200 per pound.
Dairy prices in Europe climbed this week. Cheese reached $2.18 per pound, up 1% and ahead of $2.09 in the U.S. and $1.94 in New Zealand. The EU also has the most expensive butter at $3.58 per pound versus $3.13 and $2.87 in the U.S. and New Zealand. But U.S. NDM/SMP costs $1.23 per pound, pricier than New Zealand’s $1.12 and the EU’s $1.20. On the whey side, U.S. far exceeds global competitor pricing at $0.56 per pound. Dry whey costs $0.44 per pound in New Zealand and $0.32 in Europe.
The U.S. inflation rate cooled to a three-year low in July, giving more weight to expectations for a Federal Reserve interest rate cut next month. The Consumer Price Index rose 0.2% on the month and +2.9% year-over-year, the first time it’s been below 3.0% since March 2021. The overall food index advanced 0.2% month-over-month and +2.2% on the year, while the food-at-home index ticked up 0.1% versus June and +1.1% year-over-year. Restaurant prices lifted 0.2% on the month and +4.1% versus 2023.
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.
🇺🇸 eDairy News INGLÊS: https://whatsapp.com/channel/0029VaKsjzGDTkJyIN6hcP1K
Legal notice about Intellectual Property in digital contents. All information contained in these pages that is NOT owned by eDairy News and is NOT considered “public domain” by legal regulations, are registered trademarks of their respective owners and recognized by our company as such. The publication on the eDairy News website is made for the purpose of gathering information, respecting the rules contained in the Berne Convention for the Protection of Literary and Artistic Works; in Law 11.723 and other applicable rules. Any claim arising from the information contained in the eDairy News website shall be subject to the jurisdiction of the Ordinary Courts of the First Judicial District of the Province of Córdoba, Argentina, with seat in the City of Córdoba, excluding any other jurisdiction, including the Federal.
1.
2.
3.
4.
5.
eDairy News Spanish
eDairy News PORTUGUESE
The most visited dairy news website in the world.
