Editor’s note: This market commentary is provided by the Dairy Division at FCStone in Chicago, Ill.
Block and Barrel markets were silent during the spot session. Class III futures finished Monday’s session mixed, but mostly higher. June finished the day down 12¢, while other months in 2014 were 3¢-10¢ higher. There seems to be very little fresh news to go off of for the Class III market at the moment, and with the lack of news the markets seemed to mostly follow the technical pattern.
Cheese futures were mostly in line with Class III. Dry whey prices were mostly lower to open the session, but prices were mixed by the end of the day.
With gains seen in both butter and powder futures markets, Class IV prices were strong, gaining 5¢ to 33¢ from June through December. The 6-month pack (July through December) closed at $21.00/cwt. up 19¢ on the day.
May 12 spot session results:
Block cheese: $2.0450 (unchanged)
Barrel cheese: $2.0200 (unchanged)
Grade A NFDM: $1.7800 (unchanged)
Butter: $2.1675 (unchanged)
• Class III & Cheese to open higher
• Dry Whey to open steady
• Class IV to open steady
• Butter & NFDM to open steady to lower
Grain markets opened the week under sharp pressure. By the end of the day it was the soybeans which led the complex in declines. After the close, weekly planting progress numbers were released showing corn 59% planted, on the high end of expectations and in line with the historical average of 58%. Soybean planting came in at 20%, up 15% from last week and in line with the historical average of 21%.
• Corn to open higher
• Soybeans to open higher
FC Stone's annual Dairy Outlook Conference will be held June 18-19, in Chicago. Visit www.intlfcstone.com/events for information.
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