Dairy markets finished the week on a downbeat. Spot cheese prices dipped back into the high $1.60s on persistent and heavy sell-side pressure. The move sent futures notably lower on the day. Second quarter Class III prices closed at $17.57 per hundredweight – knocking 42 cents off yesterday’s close but still finished 15 cents higher on the week. It’s the last day to buy Q2 DRP coverage with all paperwork to be signed by Sunday morning. Premium costs have moved notably lower in recent weeks, so if you need coverage, please reach out to your agent.
Today’s Highlights from Ever.Ag’s Know Your Markets
- Cheese prices couldn’t hold on to yesterday’s gains. Blocks tumbled to $1.6925, falling more than 6 cents from the day before. Five lots traded. Barrels also dropped, down 4 cents to $1.6900 per pound with two lots trading. The spot NDM market lost a half cent, settling at $1.1550 per pound with two lots trading. Dry whey keeps at its losing streak, sliding to $0.4500 per pound, down $0.075 with one lot exchanged. Butter had the most active day in terms of volume, with seven lots trading. The price ticked up a quarter to $2.3425 per pound.
- Nearby corn futures slid 8 cents to close the week at $4.4550 per bushel. Soybeans moved in the opposite direction, but the March contract couldn’t quite get to $10 per bushel, closing just shy at $9.9925 per bushel, up 2.5 cents on the day.
- Despite ending the day higher, the S&P 500 had another losing week. In fact, on Thursday, it closed at its lowest level since September. Continued tariff talk brings uncertainty, and the market is not a fan. After hitting a record high on February 19, the S&P 500 now sits more than 10% below that peak.
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