Much like the Philadelphia Eagles’ dominant Super Bowl victory, the cheese market put up a strong performance today, with blocks and barrels climbing higher in the spot session.
Ramped up conversations around possible 25% tariffs on Mexico and Canada plus 10% tariffs on Chinese goods sent the cheese market sharply lower last night and weakness continued through today’s session.
Class III futures were reluctant to follow several days of green with further higher price action, and showed modest declines or gains depending on the month.
Class III milk futures continued their strong momentum today, with blocks and barrels both posting gains with no offers appearing during the cheese session.
The market appears to be grappling with uncertainty around Class III prices, particularly as we approach a critical day tomorrow with the release of the Milk Production and Cold Storage reports.
