Daily Reports

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 »

Spot cheese, butter prices continue down on CME

Class III prices continued their trend of softening early this morning as March and April traded to near 20-cent declines even prior to the spot session opening. With the weaker outside dairy markets due to a soft GDT auction, Class III seemed to be preparing for a steady to lower spot session. FULL STORY »

Block cheese closes at $1.51 on CME

Many of the general markets saw large overnight moves Monday night, only to reverse course and moderate those gains (equities, softs, grains) and in some cases even reverse direction on the day (U.S. dollar, crude oil, copper). The turnaround in the U.S. dollar was likely a major factor in turning the outside markets, but the dairy market opened lower Tuesday and never got a chance to turn around as the dollar weighed in and the spot session failed to ignite any sizeable rebound. FULL STORY »

Blocks, barrels unchanged on CME Monday

Class III traded 1,113 contracts Monday during a mostly lower trading session to start the week. Weaker dry whey prices, as well, as a stable spot session removed buy-side worry but not the supply of buy orders still underpinning 2012 contracts as we wrap up the month. Both speculative and producer sellers appeared willing to work their orders lower throughout the day, leading to a lackluster decline which wound up well off the intra-day lows, but a decline nonetheless. FULL STORY »

Class III prices stabilize in face of negative news

Class III prices stabilized last week in the face of an onslaught of negative news. The release of the 2011 Milk Production report highlighted this sentiment, as year-over-year milk production for all 50 states increased by 1.8 percent. December production grew at an astounding 2.5 percent for all 50 states over November. FULL STORY »

Calm dairy markets on Thursday

In what could be a calm before more stormy volatility, Class III futures consolidated in a tight trading range for the bulk of the day on lighter volume. After trading lower early in the day, multiple spot barrel bids at unchanged and an unfilled block bid help to bolster futures prices by midday, but the market lacked conviction to the upside. FULL STORY »

Choppy trade for Class III

Following a big up day Tuesday, yesterday was almost a “nothing” day. The market is jostling with the somewhat surprise buy-side strength in spot from Tuesday and spot cheese at psychological support near a nice round number in blocks ($1.50). The heavy put buying relative to limited call trading tells us the market is still bracing for lower moves. FULL STORY »

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