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CME cheddar blocks slipped to $1.84/lb and barrels settled at $1.86, while spot butter rose slightly to $2.7075. Nearby Class III futures fell, with November at $20.12/cwt and December at $19.46, and Upper Midwest spot milk premiums jumped on bottling plant demand.
Lower Class III futures signal weaker milk values for processors, while firmer spot milk premiums point to tighter fluid milk supply, a mixed signal for dairy feed demand.
dairyherd.comOct 31, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Cheese markets were spooked as CME blocks fell to $1.84 and Class III futures for November and December dropped, which directly pressured the Class III benchmark during the window.
Cheddar blocks slipped to $1.84 and nearby Class III futures fell (Nov $20.12, Dec $19.46) on Oct 31, showing cheese-led selling pressure that continued the decline in Class III.
