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Dairy markets: Class IV erosion continues

Macro developments, domestic fundamentals and an evolving technical picture suggest we’re about to snap out of the coiling pattern we’ve been in for the past week and revisit volatility. There appears to be fodder for both bulls and bears.

Markets

Dairy markets: Butter weighs on market

The spot cheese prices both inched their way to gains following the Cold Storage report. Even with another push to the upside in the spot market, the Class III and Cheese markets couldn’t look away from the bearish side of the coin in butter. 

Markets

Dairy markets: A resilient market

Despite Class III and Cheese under pressure, a strong dollar and lack of exports, healthy seasonal milk supplies and school closings, this market has proven resilient time and time again.

Markets

Dairy markets: Pressures mounting

Class III and Cheese futures can be summed up with one word – pressure. The latest GDT auction came in 2.2% lower overall, with a sharp 7.1% downdraft for the price of cheddar. The April Milk Production report registered a 1.7% uptick. Neither one of yesterday’s events could be construed as bullish.

Markets

Dairy markets: Milk Production report due today

USDA’s monthly Milk Production report will be released today at 3 p.m. (Eastern). We are looking for a 0.6% increase year over year. If the other producing states can continue to absorb California’s production losses, we should see prices again press lower; the world market offers no bullish news.

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