The volatile trading week for cheese continued today, with both blocks and barrels jumping higher. Class III prices responded positively by climbing through the first five months of the year.
Class III futures rose on the heels of CME cheese, with February and March contracts settling at $20.60 and $20.27 per hundredweight, up 33 and 31 cents, respectively.
Despite the decline in CME blocks, nearby Class III contracts ticked higher. February and March futures rose to $20.92 and $20.59 per hundredweight, tacking on six and eight cents, respectively.
Momentum in Class III futures has continued to shift as several weeks of aggressive spot cheese bids and higher futures become adjusted to $1.90 cheese.
