A good amount of cheese is making its way to Chicago as we kick off the first week of the June pricing period. Eleven lots of blocks changed hands again today, bringing the two-day total to 22 loads. Class III futures were trading lower across the board ahead of the spot trade – at one point June was down over 40 cents. However, a quarter cent higher close in blocks helped pull futures off their lows. Today’s GDT event with the skim milk powder contract closing lower wasn’t enough to spur nonfat spot or futures higher today.
Today’s Highlights from Ever.Ag’s Know Your Markets
- The CME block market seesawed through much of the session, ultimately settling up just a quarter cent at $1.9000 per pound. Barrels slipped two cents to $1.8350 per pound. Eleven loads of blocks and two of barrels changed hands. Spot dry whey dropped another 1.5 cents to $0.5250 per pound, with five lots exchanged. The CME NDM market gave up yesterday’s gains, down a half cent to $1.2250 per pound, with two loads trading.
- Prices mostly declined at this week’s GlobalDairyTrade event. SMP eased 0.4% to $1.28 per pound, while WMP dipped 1.0% to $1.96 per pound. Cheddar tumbled 9.3% to $2.27 per pound, though mozzarella ticked up 0.8% to $2.17. Butter slipped 2.1% to close at $3.55 per pound (adjusted to 82% butterfat), but AMP rose 0.8% to $3.30.
- As the 2024-25 season starts to wind down, New Zealand’s April milk output ticked up 0.1% year-over-year on a milk solids basis, but it slipped 0.5% on a tonnage basis. Season-to-date, production climbed 2.7% in milk solids and +2.1% in tonnage.
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