Milk output ‘neutral’; 2013 culling up; Class I base higher
Thursday was a full glass for dairy, with monthly Milk Production, cow culling, FMMO Class I base price and weekly product price reports released. FULL STORY »
Dairy markets waiting and watching for milk production report
Class III futures were higher on the week with Q4 posting a gain of 18 cents per hundredweight, all the while Chicago Mercantile Exchange spot cheese was ¾ of a cent lower. We have consolidated and there doesn’t seem to be much out there to move spot prices either way today; traders are waiting on a host of fresh news to be released this week FULL STORY »
High feed prices and low milk prices to trim 2012 U.S. dairy herd
According to the USDA's September Livestock, Dairy and Poultry report, dryness and heat throughout the Corn Belt led to a downward revision in the corn yield forecast in for 2011/12 in the September Crop Production report. If the forecast is realized, the projected yield would be the lowest since 2005/06. FULL STORY »
Markets still focused on the hot weather
Heat remains the topic of choice and it’s not going away as DMN cited large drop-off in milk production and a recovery that might not materialize until fall. But weather markets often fade as quickly as they emerge. Still, sellers have stepped this week back on concerns over product availability later this year. In order for prices to cool, the weather might have to do so first. FULL STORY »
Blocks higher again; Class III price spike continued Monday
Class III futures kicked off the new week with follow-through price strength inspired primarily by Friday’s dazzling display of support in the block cheese market and downright oppressive Midwest heat. It wasn’t hot enough to keep spot buyers away again today, as multiple bids carried the price of blocks to up 6.25 cents to $2.1200 where a trade occurred and the increasing bids stopped (barrels finished unchanged with 1 trade). Futures continued the parabolic panic spike from Friday pushing between .09 and .49 cents higher by the closing bell. FULL STORY »
Blocks drop again – will barrels follow?
Class III traded firm out of the gate Thursday morning on follow-through buying from Wednesday’s session. As for 2011 contracts, prices traded up to levels of technical resistance (as in the case of August re-testing all-time contract highs) and psychological resistance (as in the case of September trading through $19.00) before cooling during another weak day for spot blocks. FULL STORY »
When Bernanke talks, the markets listen - but should they?
The Class III futures market got a jolt despite more declines on the spot market. The spot market continued to decline with blocks dropping 2 cents to settle at $2.0350 with eight trades and an offer left uncovered, while barrels settled at $2.1025 on no activity. FULL STORY »
Block cheese drops 4.25 cents on the CME
Continued pressure on the spot markets yesterday was the big story as the block dropped 4.25 cents on seven trades. The weekly total of 17 has already matched last week’s volume, which we have noted was the largest since the final week of April. FULL STORY »
Block cheese down slightly; closes at $2.0975
Another flare of European financial worries and a honing in on Italy’s total debt to GDP ratio, which is second only to Greece, shot the U.S. dollar skyward Monday (and again Tuesday). The U.S. dollar posted new highs early Monday morning, which may be a shot across the bow for the dollar bears...and commodity bulls. FULL STORY »
Class III continues sideways, butter curve flattens out
Friday’s session saw prices get off to a stronger start and, after the spot market closed unchanged with no activity, futures prices closed out the week on an uptick. July Class III hit and settled right at the $21.00 mark yet another new high. Early strength seemed to come as a result of price revisions from the USDA to the previous week’s cheese prices. FULL STORY »
Block and barrel cheese prices have been resilient
While the dairy complex was generally weaker Thursday, Class III futures consolidated amid lighter volume and finished modestly higher. While producer selling is light, commercial buy interest appears to be underpinning the market through the first half of 2012. FULL STORY »
- “Ag-gag” laws in the news
- Conventional agriculture winning some, losing some in culture war
- Can genomics, OPU and IVF take the industry to the 'next level?'
- Monsanto opens search for 2014 "Farm Mom of the Year"
- School breakfasts celebrated from coast to coast
- California February 4a/4b prices new record highs