Daily Reports

Spot buying interest didn’t translate to futures yesterday

Class III futures traded mostly lower giving up part of Monday’s gains during a quiet, low volume trading session Tuesday. With the substantial price premiums built into the forward Class III curve, even a firm CME spot cheese session — 11 bids in blocks remained — and firming dry whey prices weren’t enough to inspire further futures gains. Slightly over-bought conditions and quiet outside news made for more of a consolidation trade, which can be expected to extend into early trade here today. FULL STORY »

April showers bring May.... planting weather?

Announced pricing from last week saw the Class III price in April announced at $16.87, a decrease of $2.53 from March. The milk-feed ratio was 1.84, the lowest since August of 2009. The all-milk price was $19.70, a decrease of 70 cents from March. Income-over feed costs were 8.99, a decrease of 1.88 from March. FULL STORY »

Cheese and butter continue to diverge, grains plunge

Class III futures started on a mostly firm note Thursday on light follow-through technical buying and expectations of more CME cheese price strength, but quickly lost footing after a cheese made its way back to the CME during the spot session. FULL STORY »

Markets: Will there be a post-Easter slowdown?

The USDA’s Cold Storage report Thursday was neutral for butter, but bullish for American cheese. Not since 2004 have we seen American cheese inventories drop in the month of March when storage fell by 2.2 percent -ck to and we all remember what happened that year. But before we look at this rare occurrence of moving cheese out of warehouses in the month of March as predicting another 2004, the USDA also showed a decline of 1.5 percent in American cheese inventories in March of 2003. FULL STORY »

Cold storage report ‘bullish’ for American cheese

Not since 2004 have we seen American cheese inventories drop in the month of March when storage fell by 2.2 percent — and we all remember what happened that year. But before we look at this rare occurrence of moving cheese out of warehouses in the month of March as predicting another 2004, the USDA also showed a decline of 1.5 percent in American cheese inventories in March of 2003. In other words, this report may be a sheep in wolf’s clothing for market bulls. FULL STORY »

Block cheese loses 2 cents, ends at $1.60

Despite a weaker CME spot cheese session, Class III prices got a slight boost Thursday from continued strength in butter, powder and Class IV markets. But the trade was a reluctant follower, at best, as indicated by volume. FULL STORY »

Spot market cheese prices decline

Class III prices saw an interesting session Tuesday, as prices started the day mixed suddenly jumped to nearly 20 cent gains early morning then pulled back and briefly traded lower following spot before settling steady to 6 higher. Both May and June cleared 250 contracts traded, yet total volume was under 1,000 at 945 contracts. FULL STORY »

All quiet on the dairy front; grains under pressure

Another very quiet day in the class III market yesterday as futures prices are losing steam to the upside. A total of 794 trades occurred on the day and only two months saw over 75 trades, May and June, which were down 15 and 13 respectively. Other months were steady to eight cents lower, as noted on light volume. Consolidation continues to occur between spot and futures with only spot barrels inching higher Wednesday. FULL STORY »

Mixed trade for dairy products; commodity futures plummet on Goldman talk

Few commodities were safe from selling pressure Tuesday. One of the main reasons for the lower commodity trade was likely the announcement by Goldman Sachs, who told investors that it is time to take profits on long positions. FULL STORY »

Class III rallies

Class III futures were able to post sizeable gains as the path of least resistance was again to the upside, dictated largely by bullish short-term indicators and a producer community that has shown little interest in selling milk this week. No one can tell you when selling will step back in, but with the spread between CME spot and nearby Class III futures at extreme levels right now, we suspect convergence is right around the corner. FULL STORY »

Class III volume picks up, prices strong

A good volume of 1,044 trades and as much as 46 cents higher left Class III prices strong to finish last week. New contracts highs were made for many different contract months (everything from Aug 2011- Jan 2012). In the commodity complex, post-earthquake and tsunami many high priced items came under assault (dairy, sugar, cotton, gold, crude, cattle etc.) but they have all rebounded since plunging and most have made new highs the second-half milk pack is at a new all-time high because people are thinking this will last and that high-priced feed will keep milk production tight. FULL STORY »

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