Prices

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 »

Livestock/corn price ratios in the new era

Since feed costs account for a high percentage of livestock production costs, the ratio of livestock prices ($ per hundredweight) to corn prices ($ per bushel) in the most recent era of higher crop prices and ratios in the previous era have long been used as indicators of livestock production profitability. FULL STORY »

Is light trading volume setting the stage for a big move?

A turn-around in price direction on light volume is not ordinarily indicative of true changes in trends. Sources suggest that it is still much easier to procure cheese product than it was a month ago. Buyers have the upper hand at the moment. We suspect there is still more cheese to come to market. Futures prices are simply consolidating, coiling like a snake in preparation to strike. Weekly cheese stocks (cold storage holdings) did little to alter the picture; they were insignificantly lower by 0.5 percent to 126,351. FULL STORY »

Speculators run away from commodities

Speculative traders continue to shed long positions in commodities overnight on the news of a massive, record-breaking earth quake off the shores of Japan and the ensuing potential for tsunami damage is plastered on the news wires this morning. In the Middle East, tensions are heating up with protests in Saudi Arabia. Between natural and man-made disasters, speculators who normally welcome uncertainty are taking a different tact. Investors want to take their money and go home when it comes to many commodities and that is providing fresh selling almost regardless of other fundamental news. FULL STORY »

Class III rebounds thanks to cheese and butter

It was a big price swing for the nearby Class III futures contracts yesterday. April Class III traded as low as $17.60 overnight and into the early morning, but retraced and rallied sharply after a steady Chicago Mercantile Exchange spot cheese trade. The trade decided that the discounts futures have been running were just too much to handle for the current pricing of spot. When the closing bell rang, Class III finished mostly firm in the nearby and more mixed in the deferred contracts. FULL STORY »

Cheese puts pressure on Class III

Heavy selling put pressure on the Class III complex after the Chicago Mercantile Exchange spot block price declined by 0.75 cents to $2.0125, the first lower close for the block price since Jan. 19. The already discounted Class III futures prices has been a reluctant follower of CME spot cheese over the past few weeks. Perhaps; but my thought is that the default position should largely be that the futures market leads cash. If you want a glance at what the CME spot market is capable of, look first at the futures markets. FULL STORY »

Class III moves lower, but butter rally remains strong

The $2 cheese bell has been rung with a lone trade occurring at that price. Fanfare, however, did not spread into the Class III futures. A paltry 589 contracts traded hands and what little firming to futures prices there was early in the session evaporated by the end of the day as Class III prices closed slightly lower across the board. FULL STORY »

Spot cheese higher, Class III shows weakness

Class III futures retreated yesterday closing anywhere from $ 0.01 per hundredweight to $0.24 per cwt. lower on a moderate 1,993 contracts trading hands. This prices weakness came in the face of higher still cheese prices here at the Chicago Mercantile Exchange. FULL STORY »

Dairy products prices highlights: Butter improves, whey falls lower

Butter prices received for 25 kilogram and 68 pound boxes meeting United States Department of Agriculture (USDA) Grade AA standards averaged $2.00 per pound for the week ending January 22, 2011. FULL STORY »

Cheese higher on bids only

3,000 Class III contracts traded hands yesterday as volume has skyrocketed along with price this week. After a reprieve Tuesday, buyers were at it again pushing both Class III futures and cheese higher on Wednesday. FULL STORY »

Cropp: Feed prices key to milk production in 2011

Bob Cropp, professor emeritus at the University of Wisconsin-Madison, offers the following comments on the current dairy situation and outlook. FULL STORY »

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