Markets - General
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.
Higher unemployment and slower hiring triggered fears of a U.S. recession and sent global markets sharply downward.
USDA’s June Cold Storage report was neutral for butter but bullish for cheese.
It was whey’s turn to shine in Chicago today, as prices elevated to $0.5400 per pound, up a penny to the highest level since June 2022.
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.
Milk production continues to decline as summer weather takes its toll on cow comfort and feed intakes.
Spot cheese prices started the week off with an increase. Crop conditions are holding relatively steady through the dog days of summer.
The U.S. Drought Monitor shows drought coverage is now at its lowest level since spring of 2020, but USDA’s topsoil moisture map shows it’s still extremely dry in areas of the west and too wet in the east.
The national average for a gallon of gas is now $3.07, the lowest since 2021.
Both milk supply and demand are down. As the dairy markets remain in uncharted waters, there’s one factor that could support better milk prices in the new year.
As dairy producers close the books on 2023, analysts see some optimism starting to pour in with a slight improvement in milk prices, but also relief in costs. That’s as butter prices hit a new record high this week.
Futures markets are a mystery, says Scott Irwin, author of the new book, Back to the Futures, is now available for pre-order and is scheduled to be released on April 19 on Amazon.
What is the state of the U.S. economy? How will these macro factors impact the agricultural economy? John Deere’s Kanlaya Barr provides a guide to a few risks you should monitor in the next year.
Farmers across the country are being asked to dump their milk, as food service demand crumbled rapidly due to COVID-19. Still, farmers are frustrated that consumers can’t buy as much milk as they want right now.
Don’t let this opportunity to enroll in Dairy Revenue Protection (DRP) pass you by, warns Jenny Wackershauser.
Over the past few days commodity markets, including dairy, have felt the impact of the coronavirus outbreak.
In their October World Agriculture Supply and Demand Estimates report, USDA boosted both milk production and the 2019 all milk price forecast.
Last week President Trump announced new tariffs on steel and aluminum imports. Entering into this kind of trade war could have a significant impact on farmers analysts say.
Spring weather typically brings a flush of milk which is why analysts say its possible milk prices may get worse before getting better in 2019.
Economists predict extreme volatility in the next few months.
The U.S. and Canada met to continue negotiations around the North American Free Trade Agreement (NAFTA) and it appears Canada is ready to give concessions on access to its dairy market.
Farmers are still in the driver’s seat, but the direction of land values in the months and years ahead relies on one major factor: how long low profitability for row crop farmers persists.
CME spot markets got off to a slow start for this holiday week.