Daily Reports
Blocks finish at $1.50; futures rally may be fleeting
The charts look like they might be forming a bottom. The rally, however, looks like a lot of short covering in Class III and cheese futures. Nearby months (really only June) are moving aggressively. All others are stagnant or appear to be dragged along kicking and screaming, like a child who has gone “boneless,” not wanting to walk, but is being dragged along by a parent.
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Block cheese unchanged at $1.50 on CME
Spot cheese session did little to sway traders, as both the blocks and barrels closed out the day unchanged with just a single trade posting in the barrels. The cheese futures traded in much the same fashion, failing to post any big moves either direction.
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Class III, cheese consolidate recent gains
Milk and cheese futures started up Sunday night and faded gently into Monday morning’s session. Losses were exasperated when spot cheese failed to continue its price increases from last Friday. Bulls need to be fed ― and Monday’s action did not feed any bulls. So we look at the most recent trading as a slight consolidation after a corrective move started Friday.
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Block cheese closes up slightly at $1.50 on CME
Last week ended with a Mother’s Day rally for dairy complex. Some tightness in milk production was being reported to us in the Midwest, though that was very isolated and didn’t seem to be the reasoning behind the rally. The story seems to be the same that cheese is stable to in balance and some product is moving via exports, while firm domestic demand has not allowed for a drop in pricing.
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Firming dry whey underpins quiet Class III market
The block/barrel spread widened ever so slightly Thursday, but made no major moves, and milk futures shirked a discount to cash markets but closed mostly off their highs amidst still subpar volume on another up day.
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Spot stability has some dairy bears on edge
Perhaps the real test will be when schools let out soon and Class I demand eases seasonally. Perhaps it will be when an increased flow of European milk into cheese vats hits the market. Or maybe if spot prices continue to chop sideways between $1.45 and $1.55 for May, we will have seen the lows as some have suggested.
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Block cheese drops 4.5 cents on CME
Cheese futures managed just 150 trades in the face of the 4.5-cent drop in blocks and 1.5-cent drop in barrels. The spread between the two prices has narrowed to just four cents after lingering in the 10-cent range for some time.
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Dairy markets stabilize, technical bounce possible
Class III and cheese futures limped into the weekend on low volume and inched upward on lethargic volume yesterday as well. While the futures markets are poised to the downside, the fact that we’ve spent the past two days consolidating from last Thursday’s dramatic decline tells us that the preponderance of bearish news is already baked into prices.
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Dairy markets plummet as emotions run high
Technical selling gripped the Class III and cheese futures markets Thursday as the brief short-covering respite faded and the downward trend resumed along with heavier volumes.
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Class III and cheese retreat on ho-hum spot cheese trade
As the ADPI and USDEC meetings have finished up, the dairy complex sentiment is, in large part, bearish. The cold winds in dairy, however, are juxtaposed by U.S. factory activity, which grew in April at the strongest rate in 10 months.
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Quiet day at the CME for dairy markets
The Class III market fell nearly silent yesterday as the ADPI conference got under way in Chicago, drawing many from our industry from behind their desks and the markets in general.
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