Daily Reports

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 »

Class III shrugs off USDA report as cheese prices stabilize

The Class III market absorbed a bearish USDA Milk Production report and traded higher Tuesday. We’ve learned many times before to “be careful” when a market is not doing what you expect it to do. In this case, expectations were for weaker prices, but clearly the market is telling us that it has already priced in the burgeoning milk production picture for the time-being. FULL STORY »

More cows, more milk

Another day of trading and another day downward in what we have often noted as one of the best-trending commodities markets out there. Milk prices opened weak, rose a bit in spot after a load if barrels was bought, but ultimately prices just sagged without much zest in what was a low volume session with less than 1k contracts traded. FULL STORY »

Crop markets close higher on Thursday

Corn futures closed strongly higher on Thursday. The market was supported by weakness in the dollar index and strength in the stock market amid optimism over the European debt situation and the U.S. weekly jobless report coming in at the lowest level in nearly four years. FULL STORY »

Cheese follows whey weakness, Class III slammed lower

It was an old-fashioned schoolyard beating that Class III and cheese futures took. On heavy volume, well over 2k Class III contracts and over 300 cash-settled cheese futures, prices fell off a cliff. FULL STORY »

Class III futures continue to decline

Class III futures continued to decline yesterday, despite mostly supportive outside markets. Futures traded mostly lower ahead of the spot session and looked as though they may experience another collapse similar to the drop seen on Friday when the spot cheese market was trading lower. Barrels fell to 1.5375 and futures were moving sharply lower prior to the two trades occurring. FULL STORY »

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