The June Class III milk futures contract finally gave up some ground today dropping to $19.75 during trading but rallying to close at $19.80/cwt, down $0.41 but still the highest futures price since 2014.
More remarkable, at its peak the contract gained more than $9.00 over 30 days. And, it made the year brighter for dairy producers; back on Friday 1 May, the Class III contracts for June through December averaged $14.69/cwt, but as of today’s close, that average was up to $17.47/cwt Futures prices are following cheese prices. The CME 40-pound block cheddar price on 4 May was $1.2125/lb. and by yesterday it had more than doubled to $2.5250/lb. CME 500-pound barrels were $1.2300 on 4 May and $2.3600 today. That is a jump...
What You Need to Know Today: President Trump claimed the ceasefire between the U.S. and Iran was over, as both sides accused one another of violating the terms of the agreement. Commercial vessels are increasingly steering clear of the Strait of Hormuz as security risks escalate following Iran...
Key Takeaways: The CME Group is launching new 90 percent Lean Beef and 50 percent Lean Beef futures and options contracts in July. There are five key factors that must be present in physical markets and futures contract specifications for futures contracts to become successful. The two l...
