Commentary
Cheese market may be consolidating before another move higher
It appears as though West Coast cheese came to the market and commercial buy interest was rampant from all over the place to absorb it rather well. It seems that the first wave of buy orders from quick-service restaurants and pizza chains have been filled.
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CBOT corn outlook: Sharply higher on renewed supply fears
U.S. corn futures are expected to start near a 2 1/2-year high Friday as a lower-than-expected government supply estimate continues to fuel gains.
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"Grain stocks" report steals the show
Class III prices opened lower Thursday morning, but seemed to find solid support from the limit-up corn prices and moved higher into the spot session by 10 to 20 cents, mostly with deferred contracts leading the way. Volume was moderate but soft into spot which, once again, as we approach the $1.60 mark is seeing very heavy trading with 21 cars in the block.
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CBOT corn outlook: Up sharply as USDA shows tightening supplies
U.S. corn futures are expected to open sharply higher Thursday after the government reaffirmed that supplies continue to tighten. Corn futures at the Chicago Board of Trade are expected to open 20 to 30 cents higher.
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Cheese markets showing psychological tendencies
It appears evident that the spot cheese buying on Monday was inspired by a psychological desire to “not miss the boat” on another move to $1.90 or $2.00 courtesy of last week’s spot activity. Since then, the market has told us that the current fundamentals do not support that kind of rally on cheese at present.
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CBOT corn outlook: Seen higher as USDA reports draw nearer
U.S. corn futures are expected to start firmer Wednesday on concerns farmers will not sow enough of the grain to rebuild low supplies. Traders and analysts predict corn for May delivery, the most actively traded contract, will start 1 to 2 cents a bushel higher at the Chicago Board of Trade.
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Cheese prices down, but not indicative of a trend reversal
What a difference a day makes! I believe that’s what most people were saying when comparing the past two trading sessions.
After seeing blocks lose 3.50 cents and barrels lose 2.75 cents, we saw Class III tumble, and tumble it did. Shortly after spot traded, May was as much as 70 cents lower on the day and June as much as 54 cents lower during the spot session - the biggest moves of the day.
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Will block cheese turn bullish again?
Trading activity on Friday resulted in higher block prices, as well as higher class III and cheese prices. The gains can be attributed partly to the significant volume that took place in the blocks last week that culminated in block prices on Friday, increasing in value for the first time since March 11.
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CBOT corn outlook: Up as USDA reports major export sale
U.S. corn futures are expected to climb Friday after the government announced a major sale to unknown destinations, adding fuel to talk of demand from China that has lingered in the market for more than a week.
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Livestock slaughter up - another potentially bullish sign
Early on yesterday, weaker overnight prices quickly turned the corner and moved mostly higher even before the spot session opened and we entered spot mixed but mostly higher. Then, a massive amount of block trades occurred, surpassing even Monday’s very active session with 27 trades as prices were briefly higher by a ¼ of a cent before settling unchanged.
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Spot cheese continues to slide; blocks settle at $1.625
Class III futures traded firm initially on the heels of Tuesday afternoon’s bullish February Cold Storage Report. The early morning trade posted double-digit gains in Q2 and Q3, as trader’s reconciled the first monthly decline in February American cheese storage since 2004 against what appears to be a formidable level of support in the CME spot cheese Monday and Tuesday.
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