Class III milk can only ignore the gains in spot cheese for a couple days before we have to play catch up. Friday saw most commodities except milk trading green, but today flipped the script, with spot cheese pulling us higher. The rest of the spot market was unchanged. Class III found some life with May and June milk up 37 and 30 cents, respectively, and Class IV mostly quiet. This is a short trading week for the CME as it will be closed in observance of Good Friday.
Today’s Highlights from Ever.Ag’s Know Your Markets
- CME cheese markets continued their upward trajectory while other markets were unchanged. Blocks climbed 2.5 cents to $1.7700 per pound, while barrels jumped to $1.8400, a 3.5-cent gain to the highest price since January. Four lots of blocks and five of barrels changed hands.
- The increase in spot cheese prices helped drive Class III contracts higher. May and June futures leapt to $17.64 and $17.23 per hundredweight, adding 37 and 30 cents, respectively. “All cheese” futures also logged gains. The May contract advanced to $1.7950 per pound, up $0.0420, while June closed at $1.8320, tacking on $0.0320.
- According to USDA’s Crop Progress report, US corn planting is 4% complete compared to 6% last year and 5% on the five-year average. Meanwhile, 2% of the soybean crop is in the ground, slightly behind last year’s 3% and on par with the five-year average. Spring wheat planting reached 7%, ahead of 6% last year and on pace with the five-year average.
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.
