CME Dairy and Grain Markets End Week on a Positive Note
Source: DairyNews.today
The week closed on a strong note for dairy and grain markets in Chicago, with positive movements across various products. The CME cheese market saw a significant rebound, with block cheese prices rising to $2.2100 per pound, an increase of $0.1350. Barrel cheese also experienced a notable uptick, closing at $2.2600 per pound, up 8.75 cents.
In the butter market, a substantial volume of trading activity was observed as 26 loads were exchanged ahead of the weekend. Despite the heavy trade, butter prices remained steady at $3.1700 per pound.
The surge in spot cheddar prices provided a boost to Class III futures, which saw an upward movement. Fourth-quarter Class III milk futures settled at $22.39 per hundredweight, marking a 23-cent increase from the previous day. Similarly, Class IV futures edged up, closing at $22.68 per hundredweight, a modest four-cent gain.
Grain markets also closed the week on a high note. September corn futures increased by 6.25 cents, ending at $3.7800 per bushel. The nearby soybean contract also gained ground, finishing at $9.8200 per bushel, up 8.25 cents.
These market movements reflect a positive trend heading into the weekend, with dairy and grain producers likely welcoming the gains after a week of fluctuating market conditions.
The surge in spot cheddar prices provided a boost to Class III futures, which saw an upward movement. Fourth-quarter Class III milk futures settled at $22.39 per hundredweight, marking a 23-cent increase from the previous day. Similarly, Class IV futures edged up, closing at $22.68 per hundredweight, a modest four-cent gain.
Grain markets also closed the week on a high note. September corn futures increased by 6.25 cents, ending at $3.7800 per bushel. The nearby soybean contract also gained ground, finishing at $9.8200 per bushel, up 8.25 cents.
These market movements reflect a positive trend heading into the weekend, with dairy and grain producers likely welcoming the gains after a week of fluctuating market conditions.
