Subdued Dairy Markets Contrast with Grain Declines and Stock Rallies Post-Cold Storage Report
Source: The DairyNews
The Chicago Mercantile Exchange (CME) dairy markets displayed minimal activity following the latest Cold Storage report, with only whey showing significant movement, rising three cents to $0.5700 per pound, marking its highest price since May 2022.
Conversely, butter prices slightly decreased to $3.0925 per pound, down by $0.0025, showing resilience in the face of the recent report. Cheese prices remained stable, with block and barrel prices holding at $1.9300 and $1.9700 per pound, respectively.
In contrast, the grain market experienced a notable downturn. September corn dropped significantly, settling at $3.9450 per bushel, a decline of 11.5 cents, while the nearby soybean contract retreated 38.5 cents to close at $10.7750 per bushel. Soybean meal prices also fell, down $9.90 to $353.30 per ton.
Meanwhile, U.S. stock indices ended the week on a high note, buoyed by the latest personal consumption expenditures index report, which aligned with the Federal Reserve's inflation expectations for June. The Dow Jones Industrial Average led the gains, rising approximately 1.7% on the day, reflecting investor optimism in response to stable inflation metrics.
In contrast, the grain market experienced a notable downturn. September corn dropped significantly, settling at $3.9450 per bushel, a decline of 11.5 cents, while the nearby soybean contract retreated 38.5 cents to close at $10.7750 per bushel. Soybean meal prices also fell, down $9.90 to $353.30 per ton.
Meanwhile, U.S. stock indices ended the week on a high note, buoyed by the latest personal consumption expenditures index report, which aligned with the Federal Reserve's inflation expectations for June. The Dow Jones Industrial Average led the gains, rising approximately 1.7% on the day, reflecting investor optimism in response to stable inflation metrics.
