Editor’s note: This market commentary is provided by the Dairy Division at FCStone in Chicago, Ill.
Class III futures finished last week in the green. The 2Q 2014 futures pack average settled at $20.29/cwt., posting a week-over-week gain of 21¢. Cash-settled cheese futures for 2Q 2014 finished the week at $1.9967/lb., gaining 1.14¢ week-over-week. Friday’s 2014 whey futures contracts settled mixed, with the 2Q 2014 futures pack average at 62.67¢, gaining 1.0¢ week-over-week.
Class IV futures were steady to higher. However, the 2Q 2104 contracts averaged $22.26/cwt., a week-over-week decline of 12¢. NFDM futures closed out the week mixed. The 2Q 2014 futures pack average fell to $1.94, down 2.375¢ week-over-week. Butter futures finished the week steady to higher . The 2Q 2014 butter futures pack average gained 1.552¢ on Friday to end the session at $1.85, gaining a total of 4.084¢s week-over-week.
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March 7 spot session results:
Block cheese: $2.2925 (up 1.25¢)
Barrel cheese: $2.25 (unchanged)
Grade A NFDM: $2.04 (unchanged)
Butter: $1.88 (unchanged)
• Class III to open firm
• Cheese to open firm
• Dry Whey to open firm
• Class IV to open steady
• Butter to open slightly lower
• NFDM to open firm
Grain markets ended last week mixed ahead of today’s World Ag Supply & Demand Estimates report. Developments in the Ukraine continue to add volatility to the marketplace. Thoughts of a large shift of acres away from corn, coupled with potential weather-related issues, are also impacting prices. Continuously strong export sales of the soybeans are helping to drive prices higher with concerns relating to U.S. stocks.
• Grain complex to open lower
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