# Early Morning Update - October 30, 2024

> 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.

- Date: 2024-10-30 · published 2024-10-30T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/4682-early-morning-update-october-30-2024
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

Easing backwardation and rising spot supplies point to a looser cheese and milk market, while firmer NFDM prices suggest some support for dairy proteins.

## Read by commodity

- MILK: neutral

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| MILK | 2024-10-30 | 1 | -10.8% | -9.3 | 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. |

## Sources

- stonex.com: https://www.stonex.com/en-us/insights/early-morning-update---october-30,-2024-1532529/

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