Daily Reports

Cold storage report may be a 'cooler' for dairy complex

We have a futures market that is decisively trading at a premium to cash, and we have not had that in some time. One cannot deny that the futures trade has shifted from decisively bearish to more bullish over the past few weeks. FULL STORY »

Class III, cheese rally on USDA report, weather concerns

The fundamental picture is less bullish; in fact, it’s still largely bearish in nature. FULL STORY »

Light trading in dairy futures market on Friday

On Friday, we traded only 272 Class III futures and only 40 cheese futures and Class III options barely cracked 100 themselves. We have to go all the way back to 12/29/06 ― yes 2006 ― to find a day in which fewer Class III futures traded (248). FULL STORY »

Dairy markets await milk production report

This afternoon, we will receive the milk production numbers for April. So far this year, we’ve rallied futures into nearly every single milk production report and then subsequently sold off after ample production is reported. This time, we don’t expect anything different. FULL STORY »

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. FULL STORY »

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. FULL STORY »

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. FULL STORY »

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. FULL STORY »

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. FULL STORY »

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. FULL STORY »

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. FULL STORY »

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