Prices

Class III recovers losses; CME spot markets stable

To the confusion of many, spot cheese prices continue to hold at current levels and even push higher. The futures have built in a steep discount and an inverted curve already pricing in and guessing when a decline will occur. FULL STORY »

CME spot prices supported, but mostly quiet Monday

Class III activity was moderate Monday with 767 contracts traded. While prices started off the morning mostly lower, Class III futures from June through October jumped after spot session which saw blocks hold steady at 2.11, while barrels were bid up ¼ cent. FULL STORY »

Market worry seems to be waning

Class III activity was very light Friday to end an active week. With just a lone offer in the blocks, and the spot markets each closing unchanged, futures seemed to lack much of a direction. FULL STORY »

Cheese shaking loose at CME?

Yesterday’s trading activity felt very light despite a total of 1,195 trades. The fact that July accounted for nearly half of the total volume with 490 trades likely accounts for that feeling of a quiet trade. FULL STORY »

Class III futures fall

Class III futures fell precipitously Tuesday amid dwindling confidence that CME spot cheese prices will maintain their lofty perch for a protracted period of time. After opening mixed, light selling pressure pushed 2011 prices slightly lower ahead of the CME spot session. FULL STORY »

Block cheese at 3-year high; butter softens again

As was the case last week, Class III futures and the spot market continued to see their gap widen Monday. With $2.11 block cheese, futures seem rather exhausted and content to now trade a discount to spot after the recent sharp rally. With blocks up 6 cents and barrels up 9, futures settled mixed with June through August up 4 to 17 cents and September through December down 5 to 14. FULL STORY »

CME spot blocks post 2011 high on Friday

Class III futures closed out the week on a mixed note despite a very sharp jump in the spot markets. Settlements were mixed from +6 to -15 all the way through December 2012, and volume was extremely heavy with 2,642 trades. FULL STORY »

Class III lower despite higher CME spot cheese prices

One thing seems certain at this point, and that is technically the Class III market is overbought and it appeared throughout the day that futures wanted to move lower but were struggling to find a strong reason for doing so. FULL STORY »

Dairy month starts on firm footing

Class III futures continued to steam ahead to the upside yesterday on heavy volume. More than 2,400 contracts traded hands as follow-through buying from Tuesday’s day session spilled overnight and continued well into the trade Wednesday. FULL STORY »

CME spot cheese continues to gain ground

We finally welcomed summer with open arms as temperature gauges posted highs in the 80s across much of the Midwest on Memorial Day. The holiday heat was in stark contrast to the mid-60 degree weather and flash-flooding rainstorms endured on Saturday and Sunday (1 to 2.5 inches from Southeast Iowa to Northeast Illinois). Summer weather is under way and that is positive for crop farmers here. FULL STORY »

Spot buying interest didn’t translate to futures yesterday

Class III futures traded mostly lower giving up part of Monday’s gains during a quiet, low volume trading session Tuesday. With the substantial price premiums built into the forward Class III curve, even a firm CME spot cheese session — 11 bids in blocks remained — and firming dry whey prices weren’t enough to inspire further futures gains. Slightly over-bought conditions and quiet outside news made for more of a consolidation trade, which can be expected to extend into early trade here today. FULL STORY »

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