Block cheese up to $1.87 on CME

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

Class III was higher in the front two months and a few cents lower elsewhere -- that after having seen many months up and down 15/20. If that’s the bear hammer, then watch out for the bull horns…

The cheese spot market at the CME was once again very interesting, as the spread remains historically wide at 10 ¼ cents (normal is 3-5 cents blocks over barrels). The grilling season is looking delayed with wet weather for much of the country forecast at least through this week and into next week--- hedge those cull cows! That demand concern might be part of the reason why barrels are lagging so much.

Spot session results:

Block cheese: $1.87 (up 3.25 cents)

Barrel cheese $1.7675 (up 1.25 cent)

Grade A NFDM: $1.78 (unchanged)

Butter: $1.76 (up 2 cents)

USDA pegged corn planting at 2% this week vs. 16% last year and 7% on average — not a strong star. In fact, the slowest start in 15 years, and one that will remain slow next week as well. But, of course, with all the monstrous-sized planters, we can catch up quickly.

Those hoping for a turnaround Tuesday have reason to be optimistic as beans were up 6 to 12 overnight, corn only a penny lower and wheat mixed alongside outside markets that are bouncing slightly after yesterday’s big hits.

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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