The Class III market ended the week on a positive note, settling higher through most of the first half. Support came from a slightly stronger CME cash cheese market, with seven loads changing hands. Blocks finished the week five cents higher, while barrels added more than seven cents versus last Friday’s settlements. Talks of cheese being tight could keep buyers active, especially with the largest cheese consumption day (Super Bowl LIX) a little over a month away.
Today’s Highlights
- It was another quiet day in Chicago, with the biggest spot price movements less than a penny. Butter reversed course after a week of slipping, ticking up $0.0075 to close at $2.5525 per pound. Five lots traded. Blocks also tacked on $0.0075, ending the week at $1.9200 per pound, while barrels rose to $1.8300 per pound, a half cent higher. Four lots of blocks and three of barrels changed hands. Spot NDM eased to $1.3675 per pound, down a quarter cent, with one load exchanged.
- US grain export sales were slow at the end of the year. Old-crop corn sales reached 776,992 metric tons, below the predicted range, while 2024-25 crop soybean sales were also below expectations at 484,679 metric tons. There were no 2025-26 corn crop sales and new-crop soybeans totaled just 20 metric tons.
- Weaker export demand cut into grain futures. The March corn contract slipped to $4.5078 per bushel, shedding $0.0875. January soybeans dropped to $9.8100 per bushel, losing 18.5 cents
