Today’s GlobalDairyTrade session (with a strong showing in powder prices) put a little life back in the nonfat market. The spot price gained a penny and futures stepped higher across the board. Over in the Class III space, spot cheese trading was extremely active. Both blocks and barrels managed to gain some ground amid the action. All eyes will be on tomorrow’s tariff announcements and then ongoing developments on any potential reciprocal action.
Today’s Highlights from Ever.Ag’s Know Your Markets
- After yesterday’s muted session, CME cheese markets had a much busier day today. Spot block trading hit 24 loads, the most in a single day since March 2011. The price ticked up $0.0225 to $1.6575 per pound. Barrels jumped to $1.6600 per pound, 3.5 cents higher, with seven lots changing hands.
- The SMP price jumped higher at this week’s GlobalDairyTrade event, up 5.4% to $1.30 per pound. Mozzarella was the other big mover, dropping 4.0% to $2.05 per pound. Other commodities saw smaller changes, with cheddar up 0.8% to $2.28 per pound and butter down 0.8% to $3.45 per pound (on an 82% butterfat test). WMP ticked up just 0.2% to $1.84.
- After yesterday’s USDA grains reports and ahead of tariff announcements, soybean contracts leapt higher. May futures jumped to $10.3425 per bushel, up 19.5 cents, and all other contracts climbed between $0.1675 and $0.2175. Corn also advanced, with May futures up 4.5 cents to $4.6175 per bushel.
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.
