Milk Futures Surge at Week’s Start Amid Steady Commodity Markets
Source: DairyNews.today
The week began on a positive note for milk futures, building on the momentum from last week's market activity. The Chicago Mercantile Exchange (CME) saw a relatively calm trading session, with Nonfat Dry Milk (NDM) and butter prices edging higher.
NDM increased by a penny to $1.2650 per pound, while butter saw a modest gain of half a cent, reaching $3.1850 per pound. These price levels represent new highs for the year. During the session, three lots of NDM and six loads of butter were traded. However, the prices for blocks and barrels of cheese remained unchanged at $2.1000 and $2.2550 per pound, respectively, with no trades reported.
While cheese markets held steady, Class III milk futures experienced a significant uptick. The September contract surged to $22.30 per hundredweight, marking a 39-cent increase, while the fourth-quarter contract closed at $21.44 per hundredweight, up 29 cents.
In the agricultural sector, crop conditions continue to be robust. As of August 18, the U.S. Department of Agriculture (USDA) rated 67% of the corn crop and 68% of the soybean crop as good to excellent, maintaining the same level as the previous week. Both crops are performing well above the five-year averages of 58% for corn and 59% for soybeans, reflecting favorable growing conditions.
While cheese markets held steady, Class III milk futures experienced a significant uptick. The September contract surged to $22.30 per hundredweight, marking a 39-cent increase, while the fourth-quarter contract closed at $21.44 per hundredweight, up 29 cents.
In the agricultural sector, crop conditions continue to be robust. As of August 18, the U.S. Department of Agriculture (USDA) rated 67% of the corn crop and 68% of the soybean crop as good to excellent, maintaining the same level as the previous week. Both crops are performing well above the five-year averages of 58% for corn and 59% for soybeans, reflecting favorable growing conditions.
