In the dairy markets, Class III futures demonstrated notable strength, surpassing Class IV futures. Spot butter prices inched closer to the $3.20-per-pound mark, rising by 1.5 cents to $3.1900. The CME non-fat dry milk (NDM) market also saw a gain of 1.5 cents, reaching $1.3800 per pound, with four lots traded. CME barrel prices increased by a penny to $2.2850 per pound, while block prices held steady at $2.2700. No trading volume was recorded for cheese or butter.
Class III futures surged significantly, with fourth-quarter contracts closing at $22.83 per hundredweight, up 64 cents. This increase allowed Class III futures to surpass Class IV futures, which rose to $22.64 per hundredweight, up 20 cents.
In agricultural news, U.S. crop conditions remain robust. As of September 8, 64% of the corn crop was reported in good to excellent condition, a slight decline from 65% the previous week but an improvement from 52% at the same time last year. The soybean crop held steady at 65% good to excellent, compared to 52% in 2023, according to USDA reports.
