Cheese
Rising cheese inventories pressured futures markets despite active spot trading, while butter prices and contracts continued to decline amid lackluster demand.
A bipartisan group of U.S. senators has reintroduced the DAIRY PRIDE Act of 2025, aiming to stop plant-based products from using dairy terms and require the FDA to enforce labeling standards that protect dairy farmers and prevent consumer confusion.
September Class III milk futures fell sharply despite heightened spot block trading activity, as broader dairy and grain markets showed mixed movement.
Butter futures surged Monday on a bullish Cold Storage report, lifting Class III prices despite volatile cheese markets and higher-than-expected inventories.
Butter prices rebounded on Friday following a bullish Cold Storage report, while cheese markets remained quiet with minimal spot activity and mixed Class III futures.
Aggressive selling hit Class III and butter futures following a bearish Milk Production report, as higher milk flows and weaker spot prices added pressure across the board.
U.S. milk production surged 3.3 percent in June, surpassing expectations and pressuring spot butter prices while 2025 futures climbed on strong export demand.
Butter and Class III futures softened while NDM attracted strong buying interest, setting the stage for potential market movement ahead of USDA’s June Milk Production report.
Despite recent declines in butter prices and mixed Class III futures, steady cheese volumes and strong seasonal demand suggest potential upside for dairy markets heading into late summer.
Cheese and powder markets show signs of strength, while butter continues to struggle heading into late summer.
Class III futures rebounded, led by August gains, as strong U.S. cheese prices begin to weigh on EU competitors.
Cheese and butter prices continued to decline, pulling Class III futures lower, while milk powder found support from stronger GDT auction results.
Spot cheese trading slowed sharply this week, leading to lower prices as August Class III futures moved down amid ongoing market adjustments.
Midwest heat pressures milk output and boosts culling, while block cheese prices dip and test familiar support levels.
Cheese futures hovered near recent lows while spot butter slid below $2.60, pressuring Class IV prices and leaving Class III mostly steady.
Cheese futures remain strong relative to spot as Class III prices dip and active trading reflects ongoing demand.
Butter pushed to an eight-month high while Class III milk futures slipped on weaker cheese markets, lower feed costs and continued trade uncertainty despite a short-term tariff extension.
Cheese block prices fell nearly five cents, dragging Class III futures lower, while grains and feeder cattle saw solid gains ahead of the holiday weekend.
Cheese futures slipped while spot prices inched higher, narrowing the gap, as U.S. butter and powder markets held firm despite weaker global auction results.
Cheese markets rebounded sharply as spot prices finally aligned with last week’s futures rally, while USDA crop reports delivered largely neutral news for grains.
Class III milk futures rebounded sharply Friday, with August contracts jumping $0.63 to $18.33 as bargain buying, Midwest heat and active cheese trade lifted the market.
Heavy spot cheese trading continues as U.S. prices hit global bargain levels, raising questions about how much cheese remains on the market.
Spot cheese prices edged up on strong trading volume as USDA’s neutral Cold Storage report showed seasonal inventory increases but year-over-year declines.
Spot cheese prices slid sharply with blocks closing below $1.60 for the first time since March, dragging July Class III under $17 and creating a strong carry incentive for storage and hedging.
The U.S. dairy herd is at the highest level since August 2021 as farmers continue to hold onto cattle, reducing culling. The USDA made a large revision to cattle numbers on the May Milk Production report.
Spot block prices continued to decline, nearing one-year lows and dragging Class III futures with them, while widening global discounts could reopen doors for U.S. export opportunities.
Class III futures ended lower as cheese prices declined, despite a boost from dry whey. May milk production rose 1.6% year-over-year and the U.S. herd reached its largest size since 2021.
CME butter trading hit its busiest week since October, helping support Class IV gains, while soybean futures jumped on biofuel policy news.
Higher cheese and butter production has not moved supplies above year-earlier levels. Increased milk production is being absorbed domestically and internationally.
Class III milk futures edged higher today amid steady butter trade and seasonal pressures on milk output, while Class IV markets held mostly flat.