It was another quiet session for dairy trading, with the only excitement coming from the cheese market. Barrel and block cheddar saw another 14 loads of combined volume. Bearish tones continue to hover around the cheese market, with additional supply meeting soft demand. However, buyers seem to like owning the $1.60s pricing we’ve had for the past few weeks now. Class III futures responded with light volume and minimal price change. Butter, nonfat and whey were mostly stagnant.
Today’s Highlights from Ever.Ag’s Know Your Markets
- It was another day of strong trading in the spot block market. The price ticked up to $1.6650 per pound, $0.0075 higher, with 11 lots changing hands. Barrels jumped to $1.6975 per pound, gaining $0.0375, with three loads exchanged. The spot butter price held steady at $2.3400 per pound, with seven lots traded. NDM also settled unchanged at $1.1725, with three lots exchanged.
- Not much has changed in global pricing. The US cheese average for the week so far stands at $1.67 per pound, far below $2.28 in New Zealand and $2.35 in Europe. The US butter average spot price of $2.34 per pound is more than a dollar less than New Zealand’s $3.36 and Europe’s $3.63. The average NDM price for the week so far is $1.17 per pound, just slightly below $1.19 in Europe. New Zealand’s product is most expensive at $1.30.
- Analysts and markets were uneasy ahead of President Trump’s “Liberation Day” tariff announcement at 3:00 p.m. Central. There has been no consensus about what to expect or what impact it might have on world trade, but potential retaliatory tariffs could adversely affect US dairy and agricultural exports.
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.
