Even in the face of uncertainty, cheese and Class III prices found some strength. Spot prices rallied back above $1.70 per pound for blocks and barrels. Both cheese and Class III futures pushed higher on the stronger spot move. On the Class III side of things, Q3 futures picked back up to $17.82, a four-cent gain on the day. Keep an eye on rising tensions with China. The US is set to place 104% tariffs on China starting at midnight. Will China retaliate further? Could whey stay in the crosshairs?
Today’s Highlights from Ever.Ag’s Know Your Markets
- CME cheese markets continued to rebound. Spot blocks advanced to $1.7025 per pound, adding $0.0325, while barrels leapt to $1.7550, 7.5 cents higher. Eight lots of blocks and two of barrels traded. Spot butter ticked up a penny to $2.3100 per pound. There were no trades.
- Class III futures markets were mixed-to-positive today, with the May contract leading the way, up 14 cents to $16.92 per hundredweight. “All cheese” contracts also got a bump. May futures rose to $1.7090 per pound, gaining $0.0190.
- At this week’s GlobalDairyTrade Pulse event, SMP settled at $1.27 per pound, up 1.8% versus the previous Pulse but down 2.6% compared to Contract 2 at the last main auction. WMP closed at $1.81 per pound, up 1.0% on a Pulse-to-Pulse basis and unchanged versus the most recent main event.
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