Editor’s note: This market commentary is provided by the Dairy Division at FCStone in Chicago, Ill.

The Class III market had a relatively quiet session Tuesday, with prices closing mostly lower on the day. Settlements from April through June were 22¢ to 26¢ lower, while the second half finished 5¢ to 18¢ lower.

Class IV futures continue to be mostly lower, despite the mixed product prices. The spot NFDM market traded lower. The spot butter market continued to move slightly higher. We are nearing the deadline for purchases to hit the store shelves prior to Easter, and we wonder if the market may double top near the $2.00/lb. mark.

FC Stone's annual Dairy Outlook Conference will be held June 18-19, in Chicago. Visit www.intlfcstone.com/events for information.


March 25 spot session results:

Block cheese: $2.40 (unchanged)

Barrel cheese: $2.36 (down 1.75¢)

Grade A NFDM:  $2.00 (down 1.5¢)

Butter: $1.95 (up 0.5¢)


Today's expectations:

• Class III, Cheese & Dry Whey to open lower

• Class IV, NDFM to open mostly lower

• Butter to open quiet


Grain futures

Grains were very quiet Tuesday as the market failed to find direction. USDA releases  Planting Intentions and Grain Stocks reports next Monday. Spring planting doesn’t look likely to get started early, and may continue to support the already bullish trending market.


Today’s expectation:

• Grain complex to open steady to lower


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