The bulls were still in control Monday as both blocks and barrels climbed. Barrels made the biggest move as we get closer to June when they aren’t included in FMMO pricing. That said, today’s session rallied around 2.5 cents in the cheese average, while futures followed suit in the front months and advanced 2-4 cents. Futures volume was thinly traded past October 2025. Class IV components saw a little sell side in futures as there was some convergence in the butter futures price. Despite today’s inverse trading in butter, a strong carry still remains all the way out to February 2026 when factoring in a two-cent per month carrying cost.
Today’s Highlights from Ever.Ag’s Know Your Markets
- CME cheese markets continued to climb. Barrels moved closer to the $1.80 mark, adding 3.5 cents to reach $1.7900 per pound. There were no trades. Spot blocks rose to $1.7750, 1.5 cents higher, with five lots trading. Spot butter ticked up to $2.3375 per pound, gaining $0.0075. Six lots changed hands. The CME NDM market shed a half cent and closed at $1.1900 per pound, with two lots exchanged.
- The June Class III contract jumped to $18.34 per hundredweight, shooting up 48 cents, and June “all cheese” futures also advanced, up 4.5 cents to $1.8950 per pound. Class IV milk continues to hold steady around $19.30 per hundredweight. On the grains side, May corn futures tumbled nearly 15 cents to land below the $4.50-per-bushel mark and soybeans dropped to $10.3800, nearly 11 cents lower.
- US corn planting is 40% complete, up from 24% last week and 39% on the five-year average. Farmers have 30% of the soybean crop in the ground compared to 18% last week and the five-year average of 23%.
Ever.Ag - The risk of loss trading commodity futures and options can be substantial. Investors should carefully consider the inherent risks in light of their financial condition. The information contained herein has been obtained from sources to be reliable, however, no independent verification has been made. The information contained herein is strictly the opinion of its author and not necessarily of Ever.Ag and is intended to be a solicitation. Past performance is not indicative of future results.
