Cheese
CME cheese led the charge today, with blocks jumping to $2.2700 per pound, adding on four cents to reach a price not seen since June 2022.
U.S. exporters of certain cheeses and meats will continue to be able to use those terms in Chile.
Midwest spot prices are $1.75 above class, up from +$1.25 last week and well ahead of the five-year average of -$0.25 at this time
The past few weeks have shown us that the markets are becoming increasingly volatile. The months of September and October will see that volatility continue. Seasonal buying has increased fueled by the potential for tighter inventory.
It was green across the board today in Chicago, with CME cheese rebounding and finishing strong.
Class III futures followed CME cheese prices higher. Q4 contracts prices lifted to $22.16 per hundredweight, up 28 cents.
CME cheese took a tumble today, with barrels dropping to $2.1250 per pound
Butter continued its post-Cold Storage climb, adding $0.0225 to reach a new year-to-date high of $3.1975 per pound.
After ending last week with a tumble, CME cheese markets began this week with a surge, thanks in large part to USDA’s bullish Cold Storage report.
CME cheese markets tumbled well off recent highs ahead of USDA’s July Cold Storage report.
Class III futures closed in the red, with Q4 settling at $21.23 per hundredweight, down 46 cents.
Butter and cheese prices break out of the trading ranges to reach prices not seen in a while. Fall and holiday demand has kicked into gear as buyers look to Fall and holiday demand.
Butter had the third-heaviest trade week in history, with 103 loads exchanged.
Spot butter trades reached a new record, with 51 loads changing hands – the heaviest single day since daily trading began in 2006.
After spending the last two days jumping to new year-to-date highs, CME cheese markets slowed their climb today.
Spot cheese prices gave Class III futures a slight boost with Q4 rising to $20.93 per hundredweight
It was green across the board today in Chicago, with the exception of whey.
Class III contracts continued to rebound along with spot cheese.
U.S. cheese exports slid off record highs in June to 86 million pounds.
Milk prices have been increasing, but there is concern stronger prices may not hold through the end of the year.
As the milk supply tightens, milk prices rise, and cheese manufacturing capacity expands, more milk dryers could run light.
Higher unemployment and slower hiring triggered fears of a U.S. recession and sent global markets sharply downward.
This Wisconsin cheese manufacturer recently broke ground on a 60,000-square-foot expansion project to a former Foremost plant it acquired early last year.
The grain market took a tumble with September corn falling back below $4.
USDA’s June Cold Storage report was neutral for butter but bullish for cheese.
USDA pegged U.S. milk production at 18.8 billion pounds in June. That was down 1.0% versus 2023, a bigger drop than anticipated.
Spot cheese prices started the week off with an increase. Crop conditions are holding relatively steady through the dog days of summer.
Kathleen Wolfley with Ever.Ag spoke on a recent ‘Protect Your Profits’ webinar where she outlined many valuable insights, including five things dairy producers need to not only know, but also continue to keep a watchful eye on.
Milk prices have been better than expected and could remain that way for a while. Lower American cheese production and strong exports should provide further support.