Cheese prices on the CME experienced notable gains as blocks increased to $2.0200 per pound, marking a two-cent rise with six loads traded, while barrels surged to $2.1600 per pound, up seven cents, reaching their highest level since October 2022 with three lots exchanged. Conversely, butter prices fell to $3.1200 per pound, a two-cent drop with 11 loads traded.
The uptick in spot cheese prices provided a boost to Class III futures, which saw Q4 prices rise to $20.93 per hundredweight, an increase of eight cents. Class IV futures also advanced, with Q4 prices climbing to $21.52 per hundredweight, up 12 cents, despite the drop in spot butter.
In contrast, grain markets experienced declines. The August soybean contract fell to $9.8900 per bushel, down 23 cents, while soybean meal futures for the September through December period dropped below $300 per ton. The nearby corn contract also decreased, settling at $3.7775 per bushel, a decline of $0.0550.
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