Daily Reports
Markets: The rain dance isn't working
Weather, weather, weather…. it supported the grain markets and also the dairy markets yesterday. Milk per cow is off a bit on the West Coast but largely seasonal; however, the Midwest is off significantly and cheese production is declining.
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Weather continues to be the story in dairy markets
The Class III futures closed out the shortened 4th of July holiday week on a quietly mixed note. Just 447 contracts exchanged hands as traders balance concern over milk production losses due to the recent heat wave against a stable spot market for the week.
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Hot weather continues to underpin dairy futures market
Although dairy traders will keep a close eye on the grain complex, it is our opinion that a slow-demand holiday week may continue to bring offers to the CME spot market and trump any further grain-complex gains for the balance of the week.
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Weather influencing Class III futures
Weather conditions remain a fundamentally supportive feature, with a continued dry and hot forecast for much of the nation predicted for the next 10 to 14 days.
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Spot cheese unchanged Friday on CME
The Class III futures market continues to find support from weather-related concerns across the country, with the recent high temperatures thought to be helping to curtail production levels.
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Spot cheese unchanged on CME
The Class III futures traded mixed yesterday with nearby months trading slightly softer and deferred 2013 contracts trading firmly up to 10 cents higher.
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Markets: Everyone keeping an eye on the weather
Look for continuation to the upside as whey appears supported, and grains are on a tear upward that some believe could lead to the biggest bull grain market ever.
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Spot cheese showed gains Monday on CME
Class III futures pushed higher once again as total trading volume increased to 974 contracts. After overnight strength, when the spot session traded higher on both blocks and barrels, the bull run was kept fully intact.
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Block cheese unchanged at $1.625 on CME
The dairy market is looking well supported, some nervousness but people talking about $1.60 per pound cheese as “reasonable” and “cheap” is certainly supportive ― especially when there was a time when $1.60 cheese was the end of the world as we knew it.
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First day of summer brings cooler temps, markets mixed
It was a monotonous day of trading for Class III futures, as volume clocked in at just 548 contracts leaving the prices to finish mixed Thursday. Class III has seemingly run out of steam to the upside lately, despite the fact that both spot block and barrel prices rose again yesterday.
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Futures underpinned by spot strength and weather
The above-average temperatures experienced in much of the U.S. over the last couple weeks has helped to strengthen the case of market bulls, made evident by the June rally we’ve seen. The Class III futures look to be running out of steam, though, and a correction in prices could be just ahead.
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- Will Smith dethroned in latest Peterson Farm Bros. parody
- U.S. 2012/13 corn export prospects cut as global trade boosted
- Feed grain supply prospects lowered on delayed plantings
- Corn conditions a tad better than last year
- Brent crude oil dips before U.S. Fed meeting
- Grain markets proved mixed on Monday
