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Dairy markets: Last week in review

After all the Class III futures price movement, the August contract settled at $16.28/cwt., up 34¢ on the week, despite Friday’s sharp losses. The 1H 2016 Class III pack stabilized last week, and now seems in a comfort zone.

Markets

Dairy markets: Cheese, butter prices bounce

Class III and Cheese futures shrugged off an arguably bearish Cold Storage report and turned higher. As if in some alternative universe, butter prices rallied yesterday. August butter was limit-up, with the deferred contracts not far behind.

Markets

Average diesel retail price falls below gasoline for first time in six years

On July 13, the U.S. average diesel fuel retail price fell below the average regular gasoline retail price for the first time since the week of August 10, 2009 (Figure 1). From August 2009 through June of this year, retail diesel fuel prices sold at an average premium of 34 cents per gallon (gal) over regular grade gasoline, with the premium reaching more than 90 cents/gal in January.

Markets

Dairy markets: USDA Milk Production report due today

This afternoon we’ll get a look at USDA’s take on June milk production. We’re expecting U.S. production to be up 1.5% versus June of 2014 (1.4% for 23 major dairy states). We’re expecting growth in cow numbers to be slightly offset by lower milk-per-cow, particularly out West.

Markets

Farm Credit East releases mid-year dairy, feed updates

The dairy update discusses the significant decline in milk prices. Despite these low prices, dairy cow numbers nationally have not declined. The update also contrasts the changes in cow numbers between 2009 and 2015, noting that prices did not start to rebound from the 2009 decline until cow numbers began to drop.

Markets

Dairy markets: Last week in review

Class III futures staged a dramatic performance Friday, as nearly 1,100 contracts traded in route to a mixed, but mostly lower close. The January-to-June 2016 futures pack finished the week down 17¢, to $15.61/cwt., marking a 61¢ decline week over week.

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