Daily Reports

CME spot cheese continues to gain ground

We finally welcomed summer with open arms as temperature gauges posted highs in the 80s across much of the Midwest on Memorial Day. The holiday heat was in stark contrast to the mid-60 degree weather and flash-flooding rainstorms endured on Saturday and Sunday (1 to 2.5 inches from Southeast Iowa to Northeast Illinois). Summer weather is under way and that is positive for crop farmers here. FULL STORY »

Block cheese closes at $1.7875

Thursday was more or less a day of trading consolidation for Class III. After opening with a slightly weak tone, the trade firmed up and closed modestly higher well into 2012 on a moderate volume of 1,334 contracts. FULL STORY »

First cheese sale at CME in a week

June was the only big Class III mover in futures price yesterday, having gained 36 cents alongside a spot cheese market that continued an aggressive move higher. The market is showing signs of believing cheese price will move higher by adding premium in June, but also showing its doubts of long-term sustainability by trading mixed beyond the month of June. FULL STORY »

Class III bounces on spot bids and butter barn burner

Another thousand-plus trading session and this time encouraged by a strong sport session, prices once again continued their rally. Monday we saw the nervousness of buyers, selling at the concern cheese didn’t rally enough. Yesterday we saw their conviction. FULL STORY »

Class III turns lower, butter heads skyward

After opening sharply higher on heavy volume Sunday night, the Class III rally that posted new contract highs from June 2011 through March 2012 failed by mid-day Monday after uncertainty of Chicago Mercantile Exchange cash session activity gave way to only modest gains. The CME spot market was all bark and no bite as bids raised the price of blocks and barrels up .50 and .25, respectively. That was not enough support to warrant the kind of gains we saw in the overnight futures session and with that both speculative and producer selling ensued. Prices retreated from their fresh highs closing +.01 to -.18 cents in 2011 on a more moderate 1,214 contract volume. FULL STORY »

Class III rally leaves spot prices behind

There was a lot of volatility on class III futures during Friday’s session but the movement was all up, with prices higher on the day. Huge volume traded with 2,500 contracts on the day; prices were sharply higher throughout the morning with July at one point trading 64 higher to 19.00 before pulling back into the spot session with prices 10 to 30 higher. After spot traded up through 1.70 and closed with no trades and no offers for a short time it looked as though prices would hold their pre spot levels but steady buying throughout the remainder of the session pushed prices with 21- to 60-cent gains from June through November. FULL STORY »

Light trading as market waits on news

The dairy complex traded lighter volume across the board as market participants seem to be generally content with the current pricing on one hand and waiting for the slew of news to come on the other. Fonterra’s Global Dairy Trade (GDT) auction results will be announced this morning and the April USDA milk production report is slated to be released this afternoon. We look for more of mixed trade for GDT and only a moderate 2 percent growth in milk production in the United States. While direction may be difficult to decipher this morning, we are confident that will change over the coming days. FULL STORY »

Class III and butter mixed on Friday, top still in place

Following two days of consecutive booming trade volumes, the Class III market once again returned to a lull, only 486 contracts traded last Friday to conclude a declining price week. The June-December pack closed at $17.41 vs. $17.57 the preceding week. Not only was milk volume lethargic but also spot volumes backed off to just 12 total cheese loads for the week. Prices there declined as well but modestly so; 2.5 cents in the blocks and 1.75 cents in the barrels. FULL STORY »

Class III rebounds, butter under pressure

A day after a market price collapse, spot prices were steady for blocks and only a half cent lower for barrels. This gave the market the confidence it needed to rally back and hard. We attributed the sell off from Wednesday to two factors; 1) CME stock revisions 2) outside market weakness. Following outside market influences occurred for a second day yesterday as prices for “things” fell and rallied back in most markets, dairy included. FULL STORY »

Dairy futures collapse on found butter

Class III got started lower right from the start this morning pulled down mostly by collapsing outside markets. The butter stocks revision was one thing that caused prices there to fall the limit and NFDM revisions caused the bids to practically disappear from early this morning. When the grain report was bearish, class III started to move lower falling 10 to 25 cents early before the spot session. FULL STORY »

Widespread commodity sell-off, U.S. dollar skyward

It was a day of removing risk, seemingly form every portfolio on Earth; dairy did not go completely unscathed. The market opened weak and, despite modestly rising cheese prices, futures remained weak into the close. Corn weighed on dairy prices, so did the increasing U.S. dollar value which had its single biggest one-day price increase in over six months. FULL STORY »

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