Daily Reports

Milk production, lack of bullish news pushes price declines

The consensus coming out of the Tulare dairy show from the producer community is that break-even levels, mostly from the West Coast, are around $17.00 to $17.25 and many are very nervous with nearby futures prices nearly $2.00/cwt. below that. Unfortunately, little end seems to be in sight to the falling dairy futures markets in the short- to medium-term. FULL STORY »

Block cheese unchanged on CME at $1.4875

Class III futures ended Friday on more of a mixed note and slower volume, although prices continued to drift marginally lower throughout the week. Although the spot market was stable to slightly higher on the week, slightly weaker dry whey prices as well as a lack of bullish news generally applied pressure to the Class III market with the exception of last Tuesday’s sharp “bear bounce.” FULL STORY »

Dairy markets fade Thursday, premium erodes

The Class III market showed its true colors Thursday, emphasizing its negative bias as the entire futures complex resumed its strong slide lower. Just over 1,000 contracts traded as the recently stronger 2012 first half posted the worst of the losses. April and May led the way, down 31 and 24 cents, respectively, as producers and speculators took advantage of the recent pop in prices to add to their shorts. FULL STORY »

Broad-based selling pressure extends Class III declines Monday

Class III futures traded lower almost at the open Sunday night and the weakness never went away throughout the session yesterday. Conditions looked oversold to us, but sell pressure from both speculative and farm interests kept prices in the red all day. Futures finished lower by 11 to 23 cents from March through December. FULL STORY »

News still bearish in dairy commodity markets

Class III trading volume cooled Friday as only 903 contracts traded in a mixed session. The selling pressure continues to remain within the second-half contracts, while a temporary stabilization of near-term contracts created a slight bump in prices.No contract gained or lost more than nine cents on the day, as the heavy selling of late eased into the weekend. The stepping aside of sellers could be no more than a short-lived reprieve. FULL STORY »

Block cheese unchanged on CME Thursday

More than 1,220 Class III contracts traded hands during a mostly weaker session Thursday. Much of the selling pressure early in the day was reserved for the nearby contracts, but that faded after a stable spot market session. The block market finished unchanged, while the barrels traded unchanged and finished up 0.25 on an unfilled bid. FULL STORY »

Class III, cheese push lower Wednesday

The pressure continued in both milk and cheese futures yesterday. And spot moved downward, as well, but interestingly left blocks and barrels priced the same with barrels doing much of the work to begin correcting the inversion. We looked for a bounce earlier this week and that has been nothing short of wrong as the market has spent the past two sessions in the red. The full carry mode for Class III — and to a larger extent all dairy products — is still alive and well, which is bearish. FULL STORY »

Class III drops on CME

Class III prices traded to sharp losses in nearby months yesterday. Volume remained very light as was the case during Monday’s session with yesterday’s volume coming in at an even lighter total of just 561 trades on the day. March futures finished the day 27 lower, trading as much as 40 lower; April finished down 28, trading as much as 32 lower, while February and May through July finished 3 to 16 lower. FULL STORY »

Spot cheese market draws in buyers, butter continues slide

Class III sank early yesterday, but with buyers surfacing in spot prices in the futures for both Class III and cheese sprang back up. We ultimately traded both sides of unchanged, but saw a mixed close although first-half pack prices rose slightly. FULL STORY »

Class III, dry whey poised for bounce early this week

Class III enjoyed a brief reprise Friday from the recent drops in prices to close the session mixed. The February through April pack closed at $15.99, up four cents. The Jan12 contract settled Friday at $17.05, roughly a dollar lower than the Dec11 contract settlement price. An active spot session helped to buoy the Class III, at least for the day, as buyers stepped up their interests at the sub $1.50 level. FULL STORY »

Class III seems destined for further price declines

Class III price declines continued yesterday, aided by the onslaught of negative news. Recent dairy reports have been nothing but unkind to Class III, and yesterday was no exception as dairy product demand seems stagnant to softer in the face of ramped up milk production —- the outlook for Class III looks grim. FULL STORY »

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