Steady to Rising Cash Prices Ahead of the Holiday: CME Dairy Insights for August 30, 2024
Friday,August30th,2024
On the holiday Friday, we witnessed some steady-to-higher shifts in the market. It was a productive day all around in Chicago, with CME cheese making a robust comeback. Cheese blocks ended up at $2.21 per pound, a rise of $0.1350, while barrels closed at $2.26 per pound, climbing 8.75 cents. A significant volume of butter traded going into the weekend, with 26 loads changing hands, but prices held steady at $3.17 per pound. The Class III futures received a boost following the uptick in CME spot cheddar markets. Fourth quarter Class III prices settled at $22.39 per hundredweight, up 23 cents from the previous day. Similarly, Q4 Class IV prices increased to $22.68 per hundredweight, a modest gain of four cents. Grain markets also saw upward movement today. September corn wrapped up the week at $3.78 per bushel, up 6.25 cents, and the nearby soybean contract closed at $9.82 per bushel, adding 8.25 cents.
Dry Whey: Unchanged at $0.56 with two sales recorded.
Cheese Blocks: Up $0.1350 at $2.21. Three sales recorded between $2.19 and $2.21.
Cheese Barrels: Up $0.0875 at $2.26. Two sales recorded at $2.26 and $2.28.
Butter: Unchanged at $3.17 with twenty-six sales ranging from $3.17 to $3.20.
Nonfat Dry Milk: Up $0.02 at $1.33. Five sales recorded between $1.32 and $1.33.
Daily CME Cash Dairy Product Prices ($/lb.)
Final
Change ¢/lb.
Trades
Bids
Offers
Butter
3.17
NC
26
3
4
Cheddar Block
2.21
13.5
3
2
0
Cheddar Barrel
2.26
8.75
2
1
0
NDM Grade A
1.33
2
5
5
4
Dry Whey
0.56
NC
2
4
1
Weekly CME Cash Dairy Product Prices ($/lb.)
Mon
Tue
Wed
Thur
Fri
Current Avg.
Prior Week Avg.
Weekly Volume
Butter
3.1750
3.1975
3.1975
3.1700
3.1700
3.1820
3.1590
42
Cheddar Block
2.1400
2.1400
2.0750
2.0750
2.2100
2.1280
2.0820
16
Cheddar Barrel
2.2500
2.2500
2.1250
2.1725
2.2600
2.2115
2.2250
5
NDM Grade A
1.2975
1.3150
1.3050
1.3100
1.3300
1.3115
1.2790
40
Dry Whey
0.5650
0.5650
0.5525
0.5600
0.5600
0.5605
0.5610
9
CME Futures Settlement Prices
Mon
Tue
Wed
Thur
Fri
Class III (SEP) $/CWT.
22.54
22.55
22.12
22.2
22.4
Class IV (SEP) $/CWT.
22.27
22.59
22.59
22.58
22.58
Cheese (SEP) $/LB.
2.205
2.194
2.155
2.165
2.192
Blocks (SEP)$/LB.
2.14
2.14
2.14
2.14
2.135
Dry Whey (SEP) $/LB.
0.54
0.54
0.54
0.54
0.5375
NDM (SEP) $/LB.
1.2775
1.3045
1.2875
1.2775
1.28
Butter (SEP) $/LB.
3.1995
3.2175
3.2175
3.194
3.2003
Corn (SEP) $/BU.
4.24
3.6725
4.2625
4.2925
3.785
Corn (DEC) $/BU.
3.86
3.925
3.905
3.955
4.015
Soybeans (SEP) $/BU.
9.6075
9.695
9.5925
9.7275
9.815
Soybeans (NOV) $/BU.
9.81
9.8775
9.765
9.9175
9.99
Soybean Meal (SEP) $/TON
312.2
317.3
310.5
308.2
311.9
Soybean Meal (DEC) $/TON
308.1
312.4
308.3
310.5
312.6
Live Cattle (OCT) $/CWT.
176.98
179.18
178.68
177.85
178.68
Trading commodities futures and options entails considerable risk. Investors must carefully balance these risks with their financial status. Although we obtained the material from credible sources, it has not been independently confirmed. This article represents the author’s viewpoint, not necessarily that of The Bullvine, and is meant as a solicitation. Remember that previous performance does not guarantee future outcomes.
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