As the first major day of the NCAA March Madness tournament kicked off on Thursday with heroes, upsets and Cinderella teams, markets had their own version. Block and barrel cheese once again were the heroes preventing Class III from declining below recent lows, as buyers have seemingly found value in the $1.60-per-pound range. Class III was still on upset alert despite stronger spot cheese and whey, as futures had trouble holding on to their early gains. Class III had been up 20-30 cents per hundredweight at one point, but ended closer to flat. Our Cinderella story of markets this week has been the whey spot market, recovering some ground after its steady fall over the last two months. Might there be a bit more gas in the tank for whey? Stay tuned for all the excitement!
Today’s Highlights from Ever.Ag’s Know Your Markets
Spot blocks continued to regain ground, rising to $1.6200 per pound, 1.5 cents higher, with four loads exchanged. Spot dry whey gained another penny, closing at $0.4800 per pound, with one lot trading. Meanwhile, the CME NDM market moved for the first time this week, down a half cent to $1.1500 per pound. Two loads changed hands. Barrels and butter were both unchanged and there were no trades.
By Ever.Ag
March 20, 2025
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