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.
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