We look for Class III to open 5 to 15 lower
Cash-settled cheese futures settled for the week with mixed prices, closing between 1.0 cents lower and 0.6 higher, with the gains posting in the deferred month contracts. The third quarter futures pack finished out the week at the price of $2.0067, down 0.40 cents for the day while gaining a total of 3.84 cents week over week.
The National Dairy Products Sales Report (NDPSR) for the week ending 7/12 posted with the Block Cheddar cheese price at $2.0315, down 0.87 cents week over week with total sales estimated at 13,322,925 pounds, an increase of 28.9% week over week. The Barrel Cheddar price gained 0.23 cents, posting at $2.0502, with total sales estimated at 10,609,167 pounds, up 22.2% from the week prior. The weekly cold storage holdings report for selected storage centers for the week ending 7/11 posted with cheese stocks estimated at 90.198 million pounds, down 2.0% week over week while 22.1% lower compared to the same period last year. Last week’s GDT auction held on July 15th resulted in the all-contracts Cheddar cheese price fell lower by 1.6% to $1.8887.
The GDT price index fell by 8.9% during this event, while having fallen 35% lower since February. The Dairy Market News (DMN) bi-weekly international prices report released July 17th revealed weakness in the Oceania Cheddar price again, this time falling 3.40 cents lower (-1.65%) to $2.0298.
We look for cheese futures to open lower
Class IV Futures
Class IV futures finished out the week between unchanged and 19 cents lower as both component markets succumbed to selling pressure. The third quarter futures pack average slipped 3 cents lower on Friday to settle at the price of $22.89 while increasing by a total of 53 cents week over week.
We look for Class IV to open lower
NFDM futures fell to bearish pressures Friday as contracts settled between unchanged and 2.250 cents lower. The third quarter futures pack average fell 0.250 cents on Friday to end the week at the price of 177.333, yet gained a total of 0.341 cents week over week.
The NDPSR price for the NFDM for the week ending 7/12 gained 1.97 cents week over week to post at $1.8845 with total sales estimated at 18,618,029 pounds, down 16.7% week over week. The CWAP for the week ending 7/11 declined by 1.18 cents (0.65%) to $1.8043, 7.8% higher than the price for the same period last year. Sales for the week totaled 11,695,253 pounds, down 17.8% from the week prior. The recent GDT auction resulted in the all-contracts SMP price dropping 7.1% lower to $1.5947, and when adjusted to the approximate NFDM equivalent to $1.6914. The all-contracts WMP price followed suit, declining by 10.9% to $1.4009. The DMN international prices report out last week posted with the Oceania SMP price falling down 8.40 cents (4.81%) to $1.6840 while the WMP price dropped 9.64 cents (5.72%) to $1.5876. The Western Europe SMP price declined by 1.13 cents (0.65%) to $1.7407 while the WMP price fell 7.37 cents (3.64%) lower to $1.9505.