Daily Reports

Block cheese remains at $2.155

On Thursday, futures prices came out of the gate strongly with prices moving sharply higher on large volume prior to the spot session. September climbed all the way to 20.90 at one point — up 35 cents. FULL STORY »

Class III weaker amid stable cheese market

The summer doldrums subsided Tuesday as Class III futures traded 1,883 contracts, more than double the volume of Monday’s quiet session. Prices traded steady to lower to start the day and then sold off sharply ahead of – and during – the CME spot session as offers pushed the price of blocks down 1 cent intra-session. But buyers didn’t back down. They absorbed four loads and bid the price of blocks back to unchanged sending a wave of buying into the August and September contracts. FULL STORY »

Dog days of summer grip dairy markets

A quiet trade ensued for the Class III market Monday as an extremely active overnight session was followed up on by one of the lowest volume day sessions in quite some time. With the active Sunday night volume it looked like yesterday could end up with very strong volume, and though we reached nearly 500 trades by spot time, total volume crawled to just 892 by the close. FULL STORY »

Markets still focused on the hot weather

Heat remains the topic of choice and it’s not going away as DMN cited large drop-off in milk production and a recovery that might not materialize until fall. But weather markets often fade as quickly as they emerge. Still, sellers have stepped this week back on concerns over product availability later this year. In order for prices to cool, the weather might have to do so first. FULL STORY »

Bulls lose steam amid modest news Tuesday

Class III futures traded mostly lower early as the heavy volume trade continued. The spot market once again saw an uptick as buyers were aggressive but sellers brought more product to the exchange. When we settled, the block was up 2 cents at 2.1400 with 5 trades and barrels were up ½ a cent at 2.1150 with no trades. The spot sales that hit bids seemed to have deterred futures from rallying hard and instead helped inspire more of a consolidation trade at these lofty levels. Heat in the Midwest also underpinned futures. FULL STORY »

Blocks higher again; Class III price spike continued Monday

Class III futures kicked off the new week with follow-through price strength inspired primarily by Friday’s dazzling display of support in the block cheese market and downright oppressive Midwest heat. It wasn’t hot enough to keep spot buyers away again today, as multiple bids carried the price of blocks to up 6.25 cents to $2.1200 where a trade occurred and the increasing bids stopped (barrels finished unchanged with 1 trade). Futures continued the parabolic panic spike from Friday pushing between .09 and .49 cents higher by the closing bell. FULL STORY »

Blocks do an about-face Friday; Class III prices spike

A tighter-than-expected short-term cheese picture collided with a massive Midwest heat dome Friday to propel Class III prices skyward. Friday morning, the futures markets did little to excite anyone before the spot market. Volume was strong and prices were mixed to weaker….. then came a spot session to change all of that. FULL STORY »

Blocks drop again – will barrels follow?

Class III traded firm out of the gate Thursday morning on follow-through buying from Wednesday’s session. As for 2011 contracts, prices traded up to levels of technical resistance (as in the case of August re-testing all-time contract highs) and psychological resistance (as in the case of September trading through $19.00) before cooling during another weak day for spot blocks. FULL STORY »

When Bernanke talks, the markets listen - but should they?

The Class III futures market got a jolt despite more declines on the spot market. The spot market continued to decline with blocks dropping 2 cents to settle at $2.0350 with eight trades and an offer left uncovered, while barrels settled at $2.1025 on no activity. FULL STORY »

Block cheese drops 4.25 cents on the CME

Continued pressure on the spot markets yesterday was the big story as the block dropped 4.25 cents on seven trades. The weekly total of 17 has already matched last week’s volume, which we have noted was the largest since the final week of April. FULL STORY »

Block cheese down slightly; closes at $2.0975

Another flare of European financial worries and a honing in on Italy’s total debt to GDP ratio, which is second only to Greece, shot the U.S. dollar skyward Monday (and again Tuesday). The U.S. dollar posted new highs early Monday morning, which may be a shot across the bow for the dollar bears...and commodity bulls. FULL STORY »

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