Momentum in Class III futures has continued to shift as several weeks of aggressive spot cheese bids and higher futures become adjusted to $1.90 cheese. Market participants have increasingly cited a snug cheese market that is starting to see more product available at current prices. Traders will look towards Friday’s weekly CFTC report for an idea of the managed money position and the willingness of speculators to continue to get long Class III at current prices, which sit near historical highs for nearby months.
Today’s Highlights
Spot butter hit the $2.60 mark for the first time since November, two cents higher. Eight lots changed hands. It was a quiet day for cheese, with blocks unchanged at $1.9150 per pound and barrels up $0.0075 to $1.8700 per pound. Volume traded: three lots of blocks and one of barrels. Spot NDM rebounded from yesterday’s dip and rose to $1.3700 per pound, adding a half cent, with five lots exchanged.
Class III futures were mixed. The February contract eased to $20.86 per hundredweight, four cents lower, while March advanced to $20.51, up six cents. Class IV contracts also moved in opposite directions. February gained four cents to close at $21.10 per hundredweight and March dipped to $20.90, shedding four cents.
Ever Ag
January 08, 2025 04:41 PM
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