Block cheese closes up a cent on CME

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

The Class III futures market finished last week’s trade with the 2013 contracts settling between 2 cents lower and 5 higher on a total of just 633 trades. The 2013 second-quarter futures pack closed out the week at the price of $17.66, one cent higher for the day, while 7 cents lower week over week. 

Milk production in New Zealand for the month January was up 4 percent year over year, but should fail to reach such a lofty result for the remainder of their season, as the entire North Island has been designated a drought zone and the pasture growth rates have been non-existent.  

Spot session results:

Block cheese: $1.61 (up 1 cent)

Barrel cheese $1.59 (unchanged)

Grade A NFDM: $1.50 (up 0. 25 cent)

Butter: $1.655 (up 1.5 cent)

Friday trading session for the grain markets resulted in price declines across the board. The May corn contract ended the day shedding 3 ¼ cents to settle at $7.13 ¾, 10 ¼ cents higher over the week prior. The December corn contract fell just 2 ½ cents to $5.59 ¼, while gaining a total of 12 ¼ cents for the week. The May soybean contract closed out Friday’s trade down 9 ¾ cents to $14.16 ¼, while dropping 54 ¾ cents throughout the week. The May wheat contact fell 5 /14 cents on the day to settle at $7.17 ¾, while gaining 20 ¾ cents week over week.

The overnight session saw grains hit lower from the EU news as “risk-off” mentality hit essentially all markets. By morning, we were off our lows but not by much.

We look for corn to open 4 to 6 cents lower and beans to open 12 to 17 lower.

These data and comments are provided for information purposes only and are not intended to be used for specific trading strategies. Commodity trading is risky and FCStone Group, Inc., INTL FCStone Inc., and their affiliates assume no liability for the use of any information contained herein. Although all information is believed to be reliable, we cannot guarantee its accuracy and completeness. Past financial results are not necessarily indicative of future performance. Any examples given are strictly hypothetical and no representation is being made that any person will or is likely to achieve profits or losses similar to those examples. References to and discussions of exchange traded products are made solely on behalf of FCStone, LLC. References to and discussions of OTC products are made solely on behalf of INTL Hanley, LLC, and OTC products are only available to eligible counterparties.

 

 



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