Cold storage: Butter inventories shrink 

Dec. 31 butter stocks totaled 111.45 million lbs., down 8% from Nov. 30, and 27% less than December 2012, according to USDA’s Cold Storage report. FULL STORY »

Soy, wheat post moderate gains on Wednesday

Corn futures closed 3 to 9 cents on Wednesday. The market closed higher but well off of sessions highs today. The front month contract (Sept) remained on the defensive as forecasters predict timely rains across the northern Midwest later in the week. FULL STORY »

Crop markets trading lower on Wednesday

Corn futures are trading lower at midday. Strength in the dollar and weakness in the stock market and crude oil are weighing on the corn market. Market action is being limited as traders wait for European leaders to meet later this week to work on euro-crisis zone debt problems. FULL STORY »

How long will the $2 cheese market last?

The spot cheese market caught fire again yesterday climbing by over 4 cents in each the block and the barrel, pushing each up to and above the $2 mark and that’s right where the blocks stopped. FULL STORY »

First time in three months barrels eclipse $2

Class III volume started slow yesterday, but after a spot session that saw barrels uninhibited to the upside and blocks that were resilient, going from a penny lower to close higher, buyers were forced to propel Class III futures further to the upside. FULL STORY »

$2 Cheese predictions may be playing out

What began as a mostly quieter choppy trade for Class III last week ended on a firm note on Friday. One thousand contracts traded hands with 690 of those trades reserved for the November and December contracts alone, which finished up .06 and .39 respectively. But futures pushed higher into Q1 of 2012 despite technical resistance. FULL STORY »

December Class III meteoric rally, still discounted

Sometimes the Class III trade makes the late discussions of Sarkozy, Merkel and Papandreou look easy. Volume and open interest spiked Thursday along with prices from November through January as the trade seemed to collectively wake up to the firming spot cheese market this week. FULL STORY »

Cheese supports Class III, butter struggles

Class III futures saw a very light trading day yesterday with just 571 trades, despite growing volume on the spot barrel market with six trades occurring and prices moving higher on the spot session. FULL STORY »

Cheese and butter poised to finish month firm

The spot markets saw a quick change once we fell into the 1.60’s early in the week — prices rebounded and are now once again near the upper end of what has been a 15-cent range all month. This is important to remember because the Chicago Mercantile Exchange Spot Market has not yet broken out above levels of resistance that traders have respected since late August, so expect that the upside is very limited from these levels FULL STORY »

Crop markets trade mixed on Friday

Corn futures closed higher on Friday. Slow farmer selling and firm cash markets helped push prices higher. There were also reported of the unwinding of long soybean/short corn spreads. Corn futures have now traded higher for four consecutive weeks. FULL STORY »

Crop markets turn lower on Wednesday

Corn futures are trading solidly lower at midsession. The market is being pressured by strength in the dollar and concerns over whether or not European leaders will agree to a deal about the current debt crisis. Strong losses in crude oil are also a bearish factor. There has been some talk recently about China buying some U.S. corn, but so far no sales have been confirmed. FULL STORY »

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