Spot cheese remained under pressure today, with blocks and barrels dropping to 11-month lows. Class III futures are down again, with May taking the biggest hit, down 25 cents on the day. Butter saw some activity, trading six times before closing down three quarters of a cent. While the futures market seems intent on holding, the persistent selling pressure over the last week makes it increasingly difficult to maintain stability if this downward trend continues.
Today’s Highlights from Ever.Ag’s Know Your Markets
CME cheese markets continued to fall, with blocks tumbling seven cents to $1.5750 per pound and barrels shedding 5.5 cents to settle at $1.5700. Those are the lowest prices since April 2024. Two lots of blocks and one of barrels traded. Spot butter dipped below the $2.30-per-pound mark, closing at $2.2950, $0.0075 lower. Six loads changed hands.
The decline in CME cheese continues to weigh on Class III futures. Q2 contracts slipped 19 cents to $17.04 per hundredweight, a new life-of-contract low. Q2 “all cheese” futures also lost ground, down $0.0223 to $1.7323 per pound.
By Ever.Ag
March 18, 2025
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