In recent trading on the CME, cheese markets showed a retreat with blocks falling to $1.8975 per pound and barrels to $1.9500 per pound, marking decreases of $0.0175 and 2.5 cents respectively. Spot non-fat dry milk (NDM) also saw a decline, settling at $1.2400 per pound, down half a cent. Conversely, dry whey maintained its recent upward trend, increasing by half a cent to $0.6250 per pound. Butter prices remained unchanged, with minimal trading activity highlighted by modest volume in NDM transactions.
Meanwhile, the outlook for milk output remains constrained. USDA reports indicate spot milk prices in the Upper Midwest averaged $1.00 per hundredweight above class, the highest Week 31 price since 2014. This compares to increases of $0.75 from the previous week, and contrasts sharply with declines of $3.00 observed in 2023 and a five-year average decline of $2.60.
In other agricultural news, old-crop corn sales for the week ending July 25 were below expectations at 167,864 metric tons. However, new-crop sales for 2024-25 exceeded predictions, reaching 710,888 metric tons. Soybean sales were robust, with 376,398 metric tons of 2023-24 crop sold, surpassing expectations, and 632,134 metric tons of new-crop beans sold, aligning closely with forecasts.