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There was red almost across the board today as the market finally got a little clarity around tariffs following yesterday’s announcement.
Global price disparities and anticipation surrounding President Trump’s tariff announcement kept the industry on edge.
After yesterday’s muted session, CME cheese markets had a much busier day today.
Technical difficulties delayed the CME spot trade on Monday, preventing a smooth spot trade.
Across the dairy complex, sellers came armed with product to move and buyers had their checkbooks out.
Class III futures were slightly lower after a spot cheese session that saw large volumes of product change hands.
Manufacturers appear to have ample supply, leading them to the spot market to offload inventory.
Dairy markets do not seem too concerned about U.S. milk production growing at its fastest pace in two years.
Futures markets had a tame day ahead of USDA’s Milk Production report.
As the first major day of the NCAA March Madness tournament kicked off on Thursday with heroes, upsets and Cinderella teams, markets had their own version.
Low prices triggered buyer interest in spot blocks, which climbed up to $1.6050 per pound, three cents higher, with seven loads trading.
Class III futures are down again, with May taking the biggest hit, down 25 cents on the day.
A strong pinch is in order for dairy markets this Saint Patrick’s Day, with no green on the board.
Dairy markets finished the week on a downbeat.
CME cheese markets moved upward. Spot blocks climbed to $1.7350 per pound, up 3 cents, and barrels closed at $1.7300, 6 cents higher.