Daily Reports

Corn collapses on USDA data; Class III shows vulnerable side

Spot prices held steady Thursday and, despite a sole bid in the blocks, futures prices fell. Simply put, you have to feed the bull and it went hungry yet again following days of nothing in the style of significant spot cheese price increases. FULL STORY »

Class III futures edge higher

Wednesday was marked by heavier trading volume for Class III, with more than 1,400 contracts trading hands in a modestly higher trade. While price strength was more pronounced in the September through November contracts due to strength in the dry whey market and, perhaps, a meager attempt to narrow the massive monthly spreads, the lion’s share of trading — 581 contracts — was reserved for the July contract. FULL STORY »

Block cheese unchanged at $2.13

The Class III market was active early, but took on the tone of the quiet spot market yesterday afternoon, failing to eclipse the 1K mark, trading just 954 contracts on the day. The market rallied sharply early on, led by July to Oct prior to the spot session. FULL STORY »

Class III posts modest gains

Still at a discount, Class III futures kicked off the last week of June on a stronger note as futures edged higher on 1,125 contracts. Follow-through buying from Friday, along with a reluctant push to narrow the margin between spot and futures, were the primary fundamental reasons for Monday’s advance in the nearby months. FULL STORY »

Stable spot market boosts July/August futures

There was surprising buy side strength in Class III to close the week last week. An offer took a while to make its way into the spot market Friday, but it was the first action. FULL STORY »

Broad-based commodity weakness Thursday; dairy futures decline

Class III prices couldn’t stand up in front of another unchanged cheese spot session — you’ve got to feed the bull to keep him alive; he hasn’t eaten in a while now. FULL STORY »

Butter prices fall ahead of bearish cold storage report

Class III prices traded light volume, failing to reach the 1k mark in volume yesterday, as just 850 trades occurred and prices were lower across the board from July 2011 all the way out to June 2012. FULL STORY »

Stable spot prices tug on futures

Class III finished mostly higher Tuesday on a quiet, but stable, spot cheese market and perhaps a slight recognition of firmer outside markets. The reality is that we’re beginning the five-week pricing period for July milk, and though the spot cheese price is at historically demand debilitating levels, traders find it difficult to sell into a steeply discounted market. FULL STORY »

Block cheese closes at $2.13 on the CME

Another 1k+ trading session brought with it price increases to the Class III market. With the still substantial price discount in place vs. the spot pricing, futures need to see spot tumble in order for futures declines. FULL STORY »

May milk production a non-event for dairy trade

USDA’s milk production report was released last Friday for the month of May 2011. In our opinion, the report was neutral. Milk production was up 1.5 percent in the top 23 dairy states and 1.3 percent across all 50 states, the second consecutive month increase of less than 2 percent but slightly above our estimate for a 1.0 percent gain. FULL STORY »

Class III recovers losses; CME spot markets stable

To the confusion of many, spot cheese prices continue to hold at current levels and even push higher. The futures have built in a steep discount and an inverted curve already pricing in and guessing when a decline will occur. FULL STORY »

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