Daily Reports

Class III and butter futures edge higher amid quiet spot

Class III opened lower Monday on follow-through selling from Friday and a palpable anticipation of further spot price declines. But after Friday’s precipitous fall for spot cheese prices, Monday was a dud. FULL STORY »

Cheese market: 10 days of gains gone in 10 minutes

The spot market had an incredible day on Friday, waking up after a quiet week, trading down 16 ½ in the barrels with 11 trades and down 14 in the blocks, with no trades. This was dramatic action, with obvious excess product needing to be moved. And while the one day losses were staggering, they were not necessarily unexpected. FULL STORY »

Quiet spot markets lead to a choppy trade

Another in a strong of sessions in which volume and open interest increased on the way down, following subdued volume and open interest decreases during a previous higher price trading session. Class III traded mostly lower Thursday on heavy trading volume. FULL STORY »

Spot cheese gains on CME

Class III continued its climb higher yesterday, building on Tuesday’s gains. The price increases picked up momentum after the spot session and fly in the face of the fundamental outlook for the complex. FULL STORY »

Dairy buoyant in face of bearish news

Class III prices once again traded to the downside ahead of the spot market today; however, the GDT prices falling sharply on cheddar and the milk production report helped to encourage the movement. Softer dry whey prices also had a hand in the weakness early, but then came the much-anticipated spot market on the heels of a strong milk production report. FULL STORY »

Block cheese unchanged at $1.5825 on CME

Class III futures were lower on Sunday night and losses of 10 to 20 cents held right up until the spot session yesterday. When the barrels gained a penny and blocks closed unchanged with a bid, futures prices rebounded, led by April. FULL STORY »

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 »

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