Daily Reports

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 »

Class III continues sideways, butter curve flattens out

Friday’s session saw prices get off to a stronger start and, after the spot market closed unchanged with no activity, futures prices closed out the week on an uptick. July Class III hit and settled right at the $21.00 mark yet another new high. Early strength seemed to come as a result of price revisions from the USDA to the previous week’s cheese prices. FULL STORY »

Block and barrel cheese prices have been resilient

While the dairy complex was generally weaker Thursday, Class III futures consolidated amid lighter volume and finished modestly higher. While producer selling is light, commercial buy interest appears to be underpinning the market through the first half of 2012. FULL STORY »

More cheese in Chicago, but buyers welcome sellers

Class III finished on a weaker note yesterday on improved volume from Tuesday’s anemic session with over 1,280 contracts trading hands. While the day started off on a high note with prices rallying in pre-spot morning trade, the declining block and barrels prices in the spot session quickly sent futures into negative territory. FULL STORY »

Fresh news yesterday leans to market bearishness

Volume was so low yesterday that you would have thought it was still a holiday. There was plenty of data to digest throughout the day, it should have encouraged trading; maybe traders were waiting to see the dairy products report? FULL STORY »

Block price drops for first time in nearly a month

Friday was essentially a trading holiday as market participants were on vacation in mass. Volume Friday was lackluster from a complete trade perspective. But it does appear that for a second consecutive day, sell-side hedgers funneled, or at least tried to funnel, into the market place. FULL STORY »

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