while blocks and barrels slipped about 3 cents. Futures reaction was mixed as Class III was negative for June to August and positive for September forward. Mixed news is surfacing in conversations within the industry – some say cheese is tight while others say more cheese loads are available. Maybe the story is price-driven: sellers show up at $1.90-per-pound cheese. Class IV markets were stable and quiet.
Today’s Highlights from Ever.Ag’s Know Your Markets
- CME blocks started the week by giving back Friday’s gains. The spot price dropped to $1.8975 per pound, $0.0325 lower, with 11 lots exchanged. Barrels also declined, down 2.5 cents to $1.8550 per pound. Four loads traded. Spot dry whey slipped to $0.5400 per pound, shedding a penny, while NDM ticked up a half cent to $1.2300. Two lots of whey and one of NDM changed hands.
- The drop in spot cheese prices carried over into nearby futures. The June Class III contract tumbled 21 cents to $19.02 per hundredweight, while June “all cheese” declined to $1.9510 per pound, a loss of $0.0210.
- As of May 18, US corn crop planting jumped to 78% complete compared to 62% the week before, 67% last year and 73% on the five-year average. Meanwhile, 66% of the soybean crop was in the ground, up from 48% last week, 50% in 2024 and the five-year average of 53%.
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.
