# Early Morning Update - September 27, 2023

> Spot butter rose 14 cents to $3.18 on a single trade, and futures had a limit-up close with heavy volume. Class III futures pressed lower while Class IV closed higher, and the November Class IV contract settled $3.39 per hundredweight above Class III.

- Date: 2023-09-27 · published 2023-09-27T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/34254-early-morning-update-september-27-2023
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

The widening III/IV spread shows divergence between cheese-driven and butter-driven milk pricing, which affects which dairy products herds and processors prioritize. Strong butter disappearance supports butter values but does not lift cheese-linked milk prices.

## Read by commodity

- MILK: neutral

## Sources

- stonex.com: https://www.stonex.com/en-us/insights/early-morning-update-september-27-2023/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.