Daily Reports

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 »

Class III firms on stable cheese markets

Class III prices firmed modestly during Tuesday’s session as prices reluctantly reconcile with continued stability in the CME spot cheese markets. FULL STORY »

CME spot prices supported, but mostly quiet Monday

Class III activity was moderate Monday with 767 contracts traded. While prices started off the morning mostly lower, Class III futures from June through October jumped after spot session which saw blocks hold steady at 2.11, while barrels were bid up ¼ cent. FULL STORY »

Market worry seems to be waning

Class III activity was very light Friday to end an active week. With just a lone offer in the blocks, and the spot markets each closing unchanged, futures seemed to lack much of a direction. FULL STORY »

Cheese shaking loose at CME?

Yesterday’s trading activity felt very light despite a total of 1,195 trades. The fact that July accounted for nearly half of the total volume with 490 trades likely accounts for that feeling of a quiet trade. FULL STORY »

Spot market buoyed Class III on Wednesday

With the newly arrived sharp discount between the spot and futures markets, Class III contracts opened slightly higher yesterday and traded steady to 25 higher into the spot session. When both blocks and barrels moved up on bids alone futures seemingly had little choice but to follow along. The rally once again suffered from a softer butter market but futures were still able to post gains of 10 to 45 cents through the 2011 months as volume was once again strong with 1,706 contracts traded. FULL STORY »

Class III futures fall

Class III futures fell precipitously Tuesday amid dwindling confidence that CME spot cheese prices will maintain their lofty perch for a protracted period of time. After opening mixed, light selling pressure pushed 2011 prices slightly lower ahead of the CME spot session. FULL STORY »

Block cheese at 3-year high; butter softens again

As was the case last week, Class III futures and the spot market continued to see their gap widen Monday. With $2.11 block cheese, futures seem rather exhausted and content to now trade a discount to spot after the recent sharp rally. With blocks up 6 cents and barrels up 9, futures settled mixed with June through August up 4 to 17 cents and September through December down 5 to 14. FULL STORY »

CME spot blocks post 2011 high on Friday

Class III futures closed out the week on a mixed note despite a very sharp jump in the spot markets. Settlements were mixed from +6 to -15 all the way through December 2012, and volume was extremely heavy with 2,642 trades. FULL STORY »

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