Spot butter once again inched closer to the $3.20-per-pound mark, gaining 1.5 cents to reach $3.1900. The CME NDM market also added 1.5 cents, advancing to $1.3800 per pound, with four lots changing hands. CME barrels also rose, settling at $2.2850 per pound, up a penny, while blocks were unchanged at $2.2700. No volume traded for cheese or butter.
While CME cheese advanced just slightly, Class III futures shot higher. Q4 contracts settled at $22.83 per hundredweight, tacking on 64 cents. That put Class III over Class IV, which climbed to $22.64 per hundredweight, up 20 cents.
By Ever. Ag
September 9, 2024
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