CME Spot Barrel Prices Post a Record 1-Day Decline

Posted by Brian Gould Thu, 31 Jul 2008 09:33:00 GMT

Barrel cheese price fell 28¢, closing at $1.65 with 12 loads sold. This is the largest one-day price decline in history, pushing price to the lowest level since May 16, 2007. Blocks lost 11.25¢ and closed at $1.97.

As a result of the cheese price decline the SEP-JAN milk futures contracts closed down the 75¢ daily limit. Futures contracts in 2009 averaged $18.51 on the close, dropping 47¢ from Tuesday. The 12-mo. average price for 2009 declined $2.08 since June 18.