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Milk Prices Finally See a Bump


After a big decline over the past couple of days, spot butter popped back up to $3.03 today, the highest level this week. And while Q3 futures briefly traded below the $3.00 mark yesterday morning, they closed today averaging $3.11 per pound (+$0.03). As we’ve seen following the past few Cold Storage reports, the market seems to have shaken off the bearish vibes, with buy-side interest continuing to support the market. Also, it was notably the second day in a row of steady-to-lower spot cheese prices, yet cheese futures largely closed higher on the day.


Some bullish sentiment returned to the CME butter market after its recent tumbles. Spot prices jumped 5.5 cents to $3.0300 per pound on low volume. Meanwhile, spot blocks drifted up and down, in search of a direction before settling where they began at $1.8100 per pound. The barrel market continued to step down, ending the day at $1.9400 per pound, two cents lower.



By KNOW YOUR MARKET

May 30, 2024

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