Editor’s note: This market commentary is provided by the Dairy Division at FCStone in Chicago, Ill.
June-August 2014 Class III futures closed out last week pushing lower, while September -December contracts posted gains. The 3Q 2014 futures pack average slipped 20¢ lower Friday to settle at $20.04/cwt. Cash-settled cheese futures ended Friday’s trading session with June-July contracts falling, but August-December contracts higher. The 3Q futures pack closed out the week at $1.9840/lb., up 0.47¢ week over week. August 2014 whey futures settled down, with September and December up. The 3Q futures pack added 0.2750¢ week over week.
Class IV futures posted nearly 100 trades in route to mixed pricing. The November 2014 contract settled down 8¢, while remaining 2014 contracts settled between 1¢ and 18¢ higher. The 3Q futures pack settled at $21.78/cwt., slipping 10¢ week over week. Butter futures also finished the week with mixed results. June- December contracts closed between 0.750¢ lower and 0.275¢ higher. The 3Q butter futures pack finished the week at $1.997/lb., dropping 2.733¢ week over week. NFDM futures closed out the week with mixed, but mostly higher, price action. June-November contracts settled between 0.100¢ and 1.750¢ higher, while December contract slipped 0.575¢. The3Q futures pack averaged $1.783, falling 0.642¢ week over week.
June 6 spot session results:
Block cheese: $2.05 (unchanged)
Barrel cheese: $1.9675 (unchanged)
Grade A NFDM: $1.8575 (down 0.25¢)
Butter: $2.2225 (down 1.75¢)
• Class III & Cheese to open lower
• Dry Whey to open mixed
• Class IV to open steady
• Butter to open slightly lower
• NDFM to open slightly firm
Grain markets finished the week mostly higher, led by the strength in the wheat market. The July corn contract settled 10.0¢ higher at $4.59/bushel, while the December 2014 contract gained 10.5¢ to settle at $4.5775. The July soybean contract slipped 3.50¢ to settle at $14.57, while the November contract gained 8.25¢ to finish at $12.19.
• Corn & Soybeans to to open soft
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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