It was another day of searching for clear direction in the cheese and Class III markets. Spot block prices ticked higher, ultimately giving cheese futures a boost. Class III prices slumped by comparison, giving back at least a portion of yesterday’s gain, led in part by some erosion in the whey space. Following weaker butter and SMP results at GDT, the Class IV complex saw a decisive move lower. Looking ahead, the market is eagerly awaiting Thursday’s USDA Milk Production and Friday’s Cold Storage reports.
Today’s Highlights:
Spot blocks continued to climb, up two cents to $1.8500 per pound, while barrels remained at $1.8100 per pound. No cheese traded. The CME butter market pulled back slightly, down $0.0125 to $2.3200 per pound, with two loads exchanged.
Class III 2025 futures were mixed, with September up 12 cents to $18.88 per hundredweight and December down eight cents to $18.09, while first half 2026 contracts were all in the red. September “all cheese” futures increased to $1.9230 per pound, a 1.5-cent gain. Q4 Class IV dipped to $18.50 per hundredweight, shedding a nickel.
There wasn’t a lot of movement at this week’s Global Dairy Trade event. SMP slipped 1.7% to $1.25 per pound, while WMP ticked up 0.6% to $1.83. Cheddar eased just 0.6% to $2.06 per pound. Mozzarella was the biggest mover, down 5.2% to $2.02 per pound. Butter dipped 1.0% to $3.24 per pound (on an 82% butterfat test).
