FROM THE TRADING DESK:
US futures markets were lower in the morning but after cash traded mixed, with Class III in the green and Class IV in the red. The GDT Index had a big 5.7% rally this morning, although it wasn’t as big as futures were predicting. Despite the 9% climb in SMP, US NDM futures and spot traded lower on the day, as the rest of the world is rising closer to CME levels. Butter saw some follow-through in today’s spot price, confirming yesterday’s “new crop pop.” Butter futures erased the carry that was once at unusually high levels and are now sitting just around 5-8 cents higher through Q4 2026.
Today’s Highlights:
- Spot butter pushed higher today at the CME, climbing 3.25 cents to $2.1375 per pound, with nine lots changing hands. Block cheese added 2.5 cents to reach $1.5400 per pound. Three loads traded. Barrels held steady at $1.5500 per pound. NDM closed at $1.6625 per pound, three-quarters of a cent lower. Ten lots traded. Whey finished unchanged at $0.6275 per pound.
- Prices rose across the board at this week’s GlobalDairyTrade auction. SMP jumped 9.1% from the last event to $1.47 per pound, while WMP increased 4.2% to $1.75. Mozzarella surged 8.0% to $1.90 per pound. Butter (adjusted to 82% butterfat) advanced 6.0% to $3.05 per pound. Cheddar climbed 3.9% to $2.23 per pound.
- Futures were mixed today. Q2 Class III edged up 19 cents to $17.83 per hundredweight, while Q2 Class IV eased to $19.51, shedding 33 cents. Despite the spot market butter price increasing, Q2 butter futures dipped by $0.0086 to finish at $2.2098 per pound. Q2 cheese settled at $1.7447 per pound, up $0.0227.
Today’s Futures and Options Settlements
Dairy Revenue Protection Quotes
**DRP quotes are for California. Please use the calculator below for your specific state.
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