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

Class III futures ended Friday’s trading session mostly lower. The Q2 2014 futures pack average settled down 13¢, to $20.29/cwt., with a week-over-week gain of 8¢. Cash-settled cheese futures settled mixed on Friday, with the Q2 2014 futures pack finishing the week at $1.9853/lb., gaining 1.26¢ on the week. Whey futures finished the week mixed, with the Q2 2014 futures pack at 61.67¢/lb., down 1.18¢ for the week.  

Class IV futures settled Friday unchanged to 13¢ higher.  At $22.38/cwt., the Q2 2014 futures pack posted a week-over-week gain of 17¢. Butter futures finished out the week mixed.  The sharp spike higher during the spot butter session, which saw a price increase of 10¢/lb.,  pushed the Q2 2014 futures pack to $1.81/lb., up 6.4¢ week over week.  NFDM futures ended the week mixed, but mostly lower.  The Q2 2014 futures pack average closed at $1.965/lb., falling about 0.8¢ week over week.

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

Feb. 28 spot session results:

Block cheese: $2.225 (up 0.25¢)

Barrel cheese: $2.20 (unchanged)

Grade A NFDM:  $2.04 (unchanged)

Butter: $1.88 (up 10.0¢)

Today's expectations:

• Class III & Cheese to open mixed

• Dry Whey to open firm

• Dry Whey to open soft

• Class IV to open slightly

• Butter to open higher

• NFDM to open steady


Grain futures

Grain markets ended last week with a strong rally which continued into Sunday night. Higher prices were led over concerns relating to the chaos in the Ukraine and some concerns relating to a potential delay in spring plantings due to weather.

Today’s expectation:

• Grain futures to open higher

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