Daily Reports

Will block cheese turn bullish again?

Trading activity on Friday resulted in higher block prices, as well as higher class III and cheese prices. The gains can be attributed partly to the significant volume that took place in the blocks last week that culminated in block prices on Friday, increasing in value for the first time since March 11. FULL STORY »

Spot cheese continues to slide; blocks settle at $1.625

Class III futures traded firm initially on the heels of Tuesday afternoon’s bullish February Cold Storage Report. The early morning trade posted double-digit gains in Q2 and Q3, as trader’s reconciled the first monthly decline in February American cheese storage since 2004 against what appears to be a formidable level of support in the CME spot cheese Monday and Tuesday. FULL STORY »

Cold storage report bullish for butter and cheese

In our opinion, yesterday’s USDA Cold Storage report was slightly bullish for butter and bullish for American cheese. Butter inventories remain well below normal and though they built month-over-month, they lost ground vs. year-ago levels from January. Stocks increased month-over-month much less than we expected — up just 16.7 percent vs. our estimate for an increase of 36.9 percent. FULL STORY »

Block cheese closes at $1.65

Spot buyers responded in support of cheese prices today as an extremely large number of blocks traded - 26 loads on the day. Prices dipped early in the session, but ultimately all of the buying interest helped to keep the market from falling any further and led to buying interest in the futures market. FULL STORY »

All eyes remain on the spot cheese market

Friday’s Milk Production report from USDA was very neutral in our eyes, so don’t expect much of an impact as a result of that early this week. Instead, all eyes will remain on the spot cheese market as barrels seem well supported at $1.70, but blocks seem to be plentiful and making their way to the spot market. FULL STORY »

Spot cheese continues to decline in price

Cheese continued to decline yesterday, nearly completing a 50-percent retracement of the rally that started near the end of December. The rally that lasted almost two and a half months gave back 50 percent of the move in four days. FULL STORY »

Cheese prices tumble on the CME

Yesterday, the CME spot cheese market experienced another day of selling pressure - and in a big way yet again. The 10.5-cent drop in the blocks and 11-cent tumble in the barrels took the weekly drop to 30 cents for the block and 22.5 cents in the barrel. FULL STORY »

Grain markets tumble

The grain markets continued to get pounded yesterday, with corn and beans closing limit down. The concerns over Japan have hit not just the grain markets but all markets with the force of a magnitude 9 earthquake. As we have noted, Japan is the largest importer of U.S. grains, and with the devastation to the Northeast Coast at least five major ports that were hit by the tsunami are closed down increasing concerns over the pace of Japanese imports. FULL STORY »

Market commentary: All eyes on Japan

The grain markets started the week on a mixed note as traders rectify the impact of the devastation in Japan and recoil some from last week’s selling pressure. Near-term Japanese demand for inventories of grain (and copper, iron ore, rubber, etc.) will play second fiddle to the health and safety of the Japanese people. FULL STORY »

Will the Ides of March bring a drop in cheese?

The tragic events in Japan have dominated the news wires and the financial markets overnight. Commodities were lower Sunday night as the shoot-first response of traders is to expect a significant - albeit short-term - drop in Japanese demand for oil and other key commodities. And beyond that potential, markets are jittery surrounding the uncertainty of weather events and political friction around the world. Welcome to Mid-March. FULL STORY »

Speculators run away from commodities

Speculative traders continue to shed long positions in commodities overnight on the news of a massive, record-breaking earth quake off the shores of Japan and the ensuing potential for tsunami damage is plastered on the news wires this morning. In the Middle East, tensions are heating up with protests in Saudi Arabia. Between natural and man-made disasters, speculators who normally welcome uncertainty are taking a different tact. Investors want to take their money and go home when it comes to many commodities and that is providing fresh selling almost regardless of other fundamental news. FULL STORY »

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