# Early Morning Update - September 4, 2024

> Class IV, butter and nonfat dry milk price limits were expanded after NFDM spot hit a new 2024 high and June futures went limit up. Class III and cheese firmed on solid volume, while butter closed mostly lower on spot loads.

- Date: 2024-09-04 · published 2024-09-04T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/4234-early-morning-update-september-4-2024
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

Strength in NFDM and tight milk powder supply support dairy product values, though butter weakness signals limits to rallies and possible overbought conditions.

## Read by commodity

- MILK: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| MILK | 2024-09-04 | 1 | +9.7% | 15.8 | Sept 4 update: NFDM spot hit a 2024 high, Class IV limits were expanded and Class III firmed on solid volume, which is direct same-day evidence of the rally. |
| MILK | 2024-09-05 | 1 | +9.7% | 15.2 | On Sept 4 expanded limits and a new 2024 NFDM high show strong dairy futures momentum, with Class III and cheese firming on solid volume, which likely fed into the next-day surge. |
| MILK | 2024-09-09 | 5 | +12.1% | 3.3 | Class III and cheese firmed on solid volume while dairy limits expanded, showing strong momentum and sentiment in the week. |

## Sources

- stonex.com: https://www.stonex.com/en-us/insights/early-morning-update---september-4,-2024-1520193/

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