Daily Reports

Class III under pressure ahead of production report

Class III prices gave up some recent gains, as both end of the week-long liquidation (profit-taking) and fresh producer selling weighed on the market. Prices pushed higher out of the gate on both follow-through buying from the prior day as well as slightly higher NASS dry whey and cheese prices. FULL STORY »

Block cheese up 7.5 cents, highest since mid-January

The focus shifted in Class III over the past few days. The talk has gone from milk surpluses to marginal increases in demand for both block and barrel and warm weather. On one hand, you have commercial buyers pulling forward processed cheese purchases for the summertime-grilling season and, on the other, you have what is anecdotal chatter about marginal surge in export demand, all alongside promotional season. FULL STORY »

Class III futures edge higher on strength in butter

While there remains some caution in the market as participants wait to see when cheese sellers will return, it was the spot butter market that inspired slightly firming prices in Class III yesterday. Commercial buyers who are looking for coverage appear to be the buyers across the board, but primarily in the very uncertain — and seemingly undervalued — second half of the year. FULL STORY »

Spot and futures converge slightly on Tuesday

The spot market continued to bounce yesterday as barrels spiked 4.5 cents higher and blocks attempted to come along, gaining 1.5 cents, and in the process blocks settled above the $1.50 mark for the first time since Jan. 31. FULL STORY »

Class III pushes higher on light volume

Futures have already done a good job of pricing in more upside on the spot market, but with no offers apparent, it’s hard to discern just how high spot can go in the next week or two. If prices get into the mid to high $1.50’s, we suspect that would free up more product. FULL STORY »

Cheese edges higher on CME

Class III futures closed out Friday quietly with only 884 trades taking place, a decrease of nearly 700 contracts from Thursday. Price changes ranged from a gain of six cents in March12 to a loss of six for the May12 contract. Class III prices rebounded strongly on the week, though, highlighted by a 75-cent gain in the March to May pack, from Monday’s $14.54 to $15.29. FULL STORY »

Block cheese unchanged at $1.485 on CME

Class III futures continued their bounce upward again yesterday. Spot pricing was unchanged with only unanswered, lower bids, in both blocks and barrels. FULL STORY »

Spot cheese edges higher; Class III posts fiery rally

The price volatility certainly didn’t come to an end during yesterday’s session, but by the end of the day prices didn’t see as large of a change in nearby months as it had over the past three sessions. FULL STORY »

Class III futures rebound

We certainly can’t say the Class III market recovered as expected yesterday because little of the price movement over the past three sessions has been expected, but the market did seem overdone to the downside Monday. I’m sure we, like many other market participants, were again surprised yesterday this time by the size of the price gains that was seen on Class III futures. FULL STORY »

Class III succumbs to sell pressure, aligns with spot

Class III prices got pummeled Monday on heavy volume. Over 2,400 contract traded hands, as what started as a steady to slightly lower day turned quickly turned into producer panic and vigorous speculative selling. FULL STORY »

Nearby Class III market hammered lower Friday

Class III futures moved beyond recent support and fell hard on Friday, based primarily on a resurgence of cheese offers in Chicago. FULL STORY »

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