Commentary
Short-term technical bounce for Class III
A more active morning session saw prices trade mostly higher into the spot session which was the highlight of the day. Blocks traded 11 times and barrels four times, with blocks unchanged and barrels down ½-cent. Futures rallied sharply as the bids came into both markets but what we found most supportive was the seven bids remaining in the block by multiple bidders and just a single seller on the day. Futures which were carrying a premium already to the spot market felt comfortable adding to that premium in spite of prices not moving.
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CBOT corn outlook: Seen starting lower on profit-taking
Profit-taking is expected to weigh on U.S. corn futures in early trading Tuesday, although increasing concerns about cool, wet weather delaying plantings should limit losses.
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Dairy complex sluggish; corn only 9 percent planted
What happened yesterday in the Class III and cheese markets?
Not much of anything, only 491 contracts traded. Block and barrels spot markets were unchanged, we traded just two block loads.
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CBOT corn outlook: Climbing as weather delays planting
U.S. corn futures are poised to start stronger Monday on expectations cool, wet weather will severely limit planting this week.
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Cold storage report ‘bullish’ for American cheese
Not since 2004 have we seen American cheese inventories drop in the month of March when storage fell by 2.2 percent — and we all remember what happened that year. But before we look at this rare occurrence of moving cheese out of warehouses in the month of March as predicting another 2004, the USDA also showed a decline of 1.5 percent in American cheese inventories in March of 2003. In other words, this report may be a sheep in wolf’s clothing for market bulls.
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CBOT corn outlook: Rebounding on wet weather, demand
U.S. corn futures are expected to start stronger Thursday on worries wet weather will delay planting, as well as government export data that didn't show high prices are slowing demand.
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Block cheese loses 2 cents, ends at $1.60
Despite a weaker CME spot cheese session, Class III prices got a slight boost Thursday from continued strength in butter, powder and Class IV markets. But the trade was a reluctant follower, at best, as indicated by volume.
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CBOT corn outlook: Seen up on weak dollar, poor weather
U.S. corn futures are expected to start stronger Wednesday as poor weather and weakness in the dollar support prices.
Traders and analysts predict corn for July delivery, the most-actively traded contract, will open 10 to 14 cents a bushel higher at the Chicago Board of Trade.
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Spot market cheese prices decline
Class III prices saw an interesting session Tuesday, as prices started the day mixed suddenly jumped to nearly 20 cent gains early morning then pulled back and briefly traded lower following spot before settling steady to 6 higher. Both May and June cleared 250 contracts traded, yet total volume was under 1,000 at 945 contracts.
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CBOT corn outlook: Up as cool, wet weather slows planting
U.S. corn futures are expected to start stronger Tuesday on expectations that cool, wet weather will disrupt plantings.
Traders and analysts predict corn for July delivery, the most-actively traded contract, will start 3 to 5 cents a bushel higher at the Chicago Board of Trade.
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Block cheese remains unchanged at $1.6275
Standard & Poor's changed its outlook on U.S. debt to negative, and that drove a sharp drop in the major market measures Monday. Many look at this as a “shot across the bow” to politicians who are taking too long to get their budget act together.
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