CME blocks and barrels neared convergence. Spot blocks dipped to $1.8950 per pound, giving up a half cent, while barrels climbed to $1.8900 per pound, two cents higher. Six lots of blocks and zero loads of barrels traded.
Spot butter continues to search for a direction, regaining most of the ground it gave up yesterday. Prices settled at $2.6900 per pound, gaining 1.5 cents, with one load exchanged. Meanwhile, spot NDM got a bump from GDT Pulse, advancing to $1.3875 per pound, up $0.0125. Twelve lots changed hands.
Milk powder prices jumped at this week’s GlobalDairyTrade Pulse. SMP climbed to $2,860 per metric ton, or $1.30 per pound, up 2.0% versus the previous Pulse and +4.6% from Contract 2 at the latest main event. WMP rose to $3,622 per metric ton, or $1.64 per pound, up 2.0% compared to the last Pulse and +2.7% versus Contract 2 at the most recent main auction
Class III futures were mixed, with the November contract up nine cents to $20.22 per hundredweight and December down 16 cents to $19.94. Class IV rose on the heels of the advances in spot butter and NDM. December futures climbed to $21.16 per hundredweight, adding 15 cents, while Q1 contracts settled at $21.24, up nine 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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