Daily Reports

Milk Production report generally seen as neutral

Class III futures volume reached over 1,200 contracts, though watching the market it certainly didn’t feel like a heavy volume day. Prices rallied early, but lost steam after a steady spot market. Although spot buyers appeared to have carte blanche to push spot prices higher because no offers showed, they chose not to and that helped to take some of the steam out of futures buyers. Open interest in January fell once again and, outside of the seemingly perma-firm dry whey market, the Class III market appeared to falter some going into the Milk Production report. FULL STORY »

Sharp and swift bear bounce for Class III on Friday

An interesting end to the week for Class III, as the spot market continued to decline and January suddenly saw significant buy side pressure to close the week. Short covering was likely a major factor Friday, as open interest in January declined on the increase in price. The big gains and potential margin calls may encourage some additional short covering early this week (strong volume and Jan up as much as 14 cents Sunday night), but ultimately this does not appear to be new buying interest — and that type of rally usually fades quickly. FULL STORY »

How long will the $2 cheese market last?

The spot cheese market caught fire again yesterday climbing by over 4 cents in each the block and the barrel, pushing each up to and above the $2 mark and that’s right where the blocks stopped. FULL STORY »

$2 Cheese predictions may be playing out

What began as a mostly quieter choppy trade for Class III last week ended on a firm note on Friday. One thousand contracts traded hands with 690 of those trades reserved for the November and December contracts alone, which finished up .06 and .39 respectively. But futures pushed higher into Q1 of 2012 despite technical resistance. FULL STORY »

Cheese prices continue to climb, butter finds support

Class III posted a solid volume of 1,413 contracts during bursts of trading activity in what otherwise seemed like a quiet day for the dairy markets on Thursday. After starting out 4 to 11 cents lower, nearby futures regained ground and then rallied to as much as 19 higher (November) as another round firming spot cheese prices pushed blocks up 1.50 and barrels up 4.50 cents, respectively. FULL STORY »

Cheese prices rise on domestic buyer appetite

When was the last time you saw spot cheese gain a significant amount, front month rally and all other months trade lower? Exactly! It’s been a while. Yesterday was an unusual trading session. We started down quite a bit because of outside market influences, something we are often sheltered form in the dairy sector. We turned around those major losses on gains in spot cheese. FULL STORY »

Snap-back rally for Class III, but macro picture bleak

What a difference a day makes. As specs seemed to exit (look at the Open Interest decline in nearby months) previously sold positions, we are still lower on the week. But in one swift swoop, we recouped Tuesday’s losses and then some. Futures were firm from the start yesterday, despite a spot session that began with offers in the block. Futures didn’t really blink much because barrels were bid at unchanged; thus while blocks fell well over a cent at one point, Class III futures maintained double-digit gains. FULL STORY »

Dairy markets waiting and watching for milk production report

Class III futures were higher on the week with Q4 posting a gain of 18 cents per hundredweight, all the while Chicago Mercantile Exchange spot cheese was ¾ of a cent lower. We have consolidated and there doesn’t seem to be much out there to move spot prices either way today; traders are waiting on a host of fresh news to be released this week FULL STORY »

Dairy markets end July on firm note

Class III prices on Friday continued to climb early on, but were more subdued following a spot session that had the same pattern as most of the week’s activity. Unchanged offers on both the block and the barrel opened the session, but prices were then offered lower to 2.1450. FULL STORY »

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 »

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