Editor’s note: This market commentary is provided by the Dairy Division at FCStone in Chicago, Ill.
The markets were closed yesterday due to the Presidents’ Day holiday. Looking back to last week, Class III futures ended the week with prices ranging between 5¢ lower and 21¢ higher. The second quarter futures pack average settled up 37¢/cwt. week over week. Cash cheese futures finished the week with contracts settling between unchanged and 1.2¢ higher. The second quarter of 2014 futures pack finished at the price of $1.8847/lb., gaining 1.37¢ week over week. Whey futures finished out the week with mostly higher price action. The second quarter futures pack average finished the week at the price of 61.5¢, up 2.3¢ week over week.
Class IV futures settled from unchanged to 14¢/cwt. higher. The strength of the Class IV futures was derived from the surge in the butter market, which offset the declines seen in the NFDM.
Feb. 14 spot session results:
Block cheese: $2.1050 (unchanged)
Barrel cheese: $2.0625 (unchanged)
Grade A NFDM: $2.02 (unchanged)
Butter: $1.77 (unchanged)
• Class III & Cheese to open higher
• Dry whey to open mostly higher
• Class IV & Butter to open steady
• NFDM to open mixed
Grain markets ended last week mixed as traders booked profits in the soybeans ahead of the holiday weekend to erase early session gains.
• Corn, soybeans and soybean meal futures to open higher
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