• CME cheese markets continued to retreat. Blocks slipped to $1.8975 per pound, giving up $0.0175, while barrels decreased to $1.9500 per pound, shedding 2.5 cents. Spot NDM also moved lower, settling at $1.2400 per pound and losing a half cent. On the other hand, dry whey kept to its recent trend, adding a half cent to reach $0.6250 per pound. Butter was unchanged. Trading was light, with four lots of NDM the only volume exchanged.
• Milk output doesn’t show any signs of picking back up. USDA reported spot milk in the Upper Midwest at a midpoint of $1.00 per hundredweight over class, the highest price for Week 31 since 2014. That compares to +$0.75 last week, -$3.00 in 2023 and -$2.60 on the five-year average.
By EVER. AG
August 1, 2024
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