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Class III and cheese futures were mixed on a steady spot trade, with a record 255 Class III Dec/Jan spread trades as backwardation eroded. NFDM futures and spot firmed after new highs in the GDT Pulse, and the October Class III contract expired.
Easing backwardation and rising spot supplies point to a looser cheese and milk market, while firmer NFDM prices suggest some support for dairy proteins.
stonex.comDairy TeamOct 30, 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.
On the move date the October Class III contract expired and a record Dec/Jan spread volume signaled backwardation eroding, so the front-month price fell sharply as the expiring contract converged to lower values.
