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Articles by Ever. Ag
Global Dairy Trade Holds Steady
Spot cheddar prices neared convergence as CME spot blocks settled at $1.7225 per pound, 2.5 cents higher, while barrels finished at $1.7250, a penny lower. Daily volume: four lots of blocks, two loads of barrels. Butter eased to $2.5825 per pound, shedding $0.0025, with no volume exchanged. Spot NDM was notably quiet following this morning’s GDT event, remaining at $1.4000 per pound. There was little movement at the latest GlobalDairyTrade auction.
Cheese Prices Rebound to End the Week
After being on the decline, CME cheese prices ended the week on a rise. Blocks settled at $1.6925 per pound, up 3.5 cents, with four loads changing hands. At the same time, barrels ticked up to $1.6850 per pound, 1.25 cents higher, with one lot being exchanged. Butter climbed to $2.6300 per pound, adding three cents while NDM eased to $1.4000 per pound, giving up a half cent.
Ample Milk Supply Drops Spot Milk Prices
Spot NDM hit a new year-to-date high, gaining 1.5 cents to settle at $1.4050 per pound, with 17 loads exchanged. The CME dry whey market also jumped again, supported by tighter stocks and ongoing high protein demand. Spot prices added $0.0325 to reach $0.6550 per pound, a level last seen in March 2022. Four loads traded. Meanwhile, spot blocks shed $0.0325, moving lower to $1.6575 per pound, while barrels eased to $1.6725 per pound, down three quarters of a penny.
Inflation Ticks Up in October
CME butter was the only green in Chicago today as prices advanced to $2.6300 per pound, 3.25 cents higher with two lots exchanged. At the same time, cheese prices continued their tumble with CME blocks settling at $1.6900 per pound, down 2.75 cents and barrels easing to $1.6800 per pound, giving up half a cent. Three loads of blocks and one load of barrels were sold. Class III futures were largely in the red.
USDA AMS Announces Final FMMO Decision
Ample cream and slower demand continued to hit the CME butter market, which dropped below the $2.60-per-pound mark for the first time since January. Spot prices slipped to $2.5975 per pound, shedding $0.0475, with six loads exchanged. CME barrels put on the brakes after yesterday’s tumble, easing by just a quarter cent to settle at $1.6850 per pound. Spot blocks gained a little ground, rising to $1.7175 per pound, $0.0075 higher. Four loads of blocks and one of barrels traded.
U.S. Buyers Purchased a Record Amount of Butter in September
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A Quiet Day in Dairy Markets
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Class III Futures End the Week in the Green
Blocks continued their descent, giving up another $0.0025 to settle at $1.8375 per pound, with four loads exchanged. Barrels, on the other hand, rose slightly to $1.8675 per pound, adding $0.0075, with one lot sold. Meanwhile, butter slid to $2.6700 per pound, down 3.75 cents, with zero loads sold. Class III milk futures ended the week in the green. November futures settled at $20.25 per hundredweight, up 13 cents, while Q1 prices came in at $19.68 per hundredweight, 10 cents higher.
Cheese Markets Were "Spooked" Today
CME cheddar markets tumbled today. Blocks slipped to $1.8400 per pound, a nickel lower, while barrels dropped below the $1.90 mark to settle at $1.8600 per pound, down 6.5 cents. One lot of barrels changed hands and there were no block trades. Other markets were mostly quiet. Spot butter ticked up just $0.0025 to $2.7075 per pound, while NDM dipped $0.0075 to $1.3775 per pound. Zero lots of butter and five of NDM traded.
European Butter and Cheese Prices Remain at Premium
CME blocks dipped by half a cent yet again today, settling at $1.8900 per pound. Meanwhile, barrels rose to $1.9250 per pound, up 3.5 cents. Two lots of each were traded. Butter prices also advanced to $2.7050 per pound, adding 1.5 cents with five loads exchanged. European butter and cheese prices remain at a premium to the rest of the world. EU cheese averaged $2.46 per pound this week compared to $2.13 per pound in NZ and $1.91 per pound in the US.
Milk Price Futures Remain Mixed
CME blocks and barrels neared convergence. Spot blocks dipped to $1.8950 per pound, giving up a half cent, while barrels climbed to $1.8900 per pound, two cents higher. Six lots of blocks and zero loads of barrels traded. Spot butter continues to search for a direction, regaining most of the ground it gave up yesterday. Prices settled at $2.6900 per pound, gaining 1.5 cents, with one load exchanged. Meanwhile, spot NDM got a bump from GDT Pulse, advancing to $1.3875 per pound, up $0.0125.
Corn Harvest Advances Thanks to Favorable Conditions
It was a quiet trade day to start the week. CME cheese prices remained unchanged, with blocks at $1.9000 per pound and barrels just behind at $1.8700 per pound. Zero loads of either were exchanged. Spot butter was the only commodity with a price change, settling at $2.6750 per pound, down two cents, with three lots sold. Milk futures were mixed following Friday’s Cold Storage report.
Cold Storage Report Bearish for Butter, Bullish for Cheese
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Milk Prices See a Slight Loss, Components Look Robust
CME barrels continued to give up ground, slipping to $1.8750 per pound, down 3.25 cents. Spot blocks held steady at $1.9200 per pound. At the same time, butter eased to $2.6500 per pound, giving up a half cent. Class III futures followed barrels downward, with the nearby contract setting at $22.72 per hundredweight, down three cents. Q4 prices also slipped to $21.13 per hundredweight, losing 11 cents. Class IV prices were steadier.
Class III Futures Regain Some Traction Today
Spot blocks regained yesterday’s losses, climbing to $1.9200 per pound, up three cents. But barrels continued to move lower, easing to $1.9075 per pound and shedding $0.0025. One load of each changed hands. The spot butter market also retreated, dropping $0.0225 to settle at $2.6550 per pound, with no lots trading. After plunging yesterday, Class III futures reversed course. The December contract climbed to $20.58 per hundredweight and Q1 futures advanced to $20.01, each adding 14 cents.
Spot and Futures Markets Trade Lower Following Milk Production Report
Spot prices dipped today following yesterday’s bearish Milk Production report. Barrel prices dropped to $1.9100 per pound, down seven cents, and blocks slid to $1.8900 per pound, shedding three cents. Butter gave up ground as well, settling at $2.6775 per pound, a 5.25 cent decline, and NDM prices eased to $1.3600 per pound, down 2.75 cents. August milk production in the EU and UK eased 1.7% year-over-year, due in part to increased cases of Bluetongue and unseasonably warm temperatures.
Milk Production Outpaces Expectation in September
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Weekly Butter Trade Volume Reaches All-Time High
It was a more subdued end to the trade week as butter eased to $2.6600 per pound, down two cents, with one load traded. Weekly volume trade amassed to 161 loads - the highest ever since CME started the five-day trading week. Block and barrel prices held steady at $1.9250 per pound and $2.0100 per pound, respectively with no lots of either exchanged.
Consumer Spending Outpaced Expectations in September
CME butter added another 33 lots to its trading tally, bringing the weekly total so far to a new all-time high of 160. The butter price advanced to $2.6800 per pound, gaining 4.5 cents. CME barrels continued to find new support, leaping eight cents past the $2 mark to settle at $2.0100 per pound. But blocks moved in the opposite direction, shedding $0.0175 and closing at $1.9250 per pound. Four loads of blocks and one lot of barrels traded. Class III futures jumped higher along with CME barrels.
Butter Volume Trade for the Week is Third Highest in History
It was another exciting day for spot butter, with 48 lots trading hands. That brings this week’s volume to 127 loads, the third-highest in the history of the CME. Despite heavy trading activity, prices rose to $2.6350 per pound, tacking on two cents. Cheese prices inched higher today, as well, with blocks settling at $1.9425 per pound, up a half cent, and barrels coming in at $1.9300 per pound, adding four cents.
Today Marks Largest Single Day Butter Trade Since August
Though spot butter prices held steady, the market was busy with trades, with 46 lots changing hands. That was the most for a single day since August and brought the weekly total to 79 loads. Meanwhile, CME cheese reversed recent trends. Blocks jumped to $1.9375 per pound, up $0.0575, while barrels advanced to $1.8900 per pound, 4.5 cents higher. This week’s GlobalDairyTrade auction was relatively quiet, with offered volume unchanged versus the previous event.
Cheese Prices Begin Week in the Red
CME cheese prices began the week in the red with barrels slipping to $1.8450 per pound, giving up 4.25 cents, while blocks eased to $1.8800 per pound, down $0.0075. One lot of barrels and four lots of blocks were sold. Meanwhile, butter prices dipped to $2.6150 per pound, losing a penny to reach the lowest price since January. Volume: 33 loads sold. Futures were steadier today with the nearby Class III contract setting at $22.53 per hundredweight, unchanged over the weekend.
Feed Prices Dip Lower After Release of WASDE
CME barrels reversed the recent downward trend and climbed $0.0225, while spot blocks shed $0.0425. Both finished the week at $1.8875 per pound. Seven loads of blocks and two of barrels changed hands. Spot butter slipped to $2.6250, down 1.5 cents, with 26 lots trading. That brought the week’s butter volume to 90 loads, the most since August.
Inflation Came in Higher Than Expected Last Month
CME barrel prices continued to decline, settling at $1.8650 per pound, down 1.5 cents, with one lot traded. At the same time, block prices ticked up to $1.9300 per pound, adding $0.0025, with10 loads exchanged. Butter came in at $2.6400 per pound, down a penny, with 30 lots sold. Inflation in September was higher than expected, up 0.3% from August and +2.4% versus September 2023, compared to calls for +0.2% month-over-month and +2.3% year-over-year.
A Quite Day for Spot and Future Markets
It was a quiet day in Chicago. Spot butter was the lone mover, with prices slipping to $2.6500 per pound, $0.0275 lower. Volume remained heavy, with 22 lots exchanged. CME cheese markets hit the pause button after recent plunges, remaining unchanged at $1.9275 per pound for blocks and $1.8800 for barrels. Calm in the spot markets translated to a lack of fireworks in futures.
Cheese Exports Strong Again in August
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Spot Milk Remains Tight but Component Levels are Healthy
After making small movements over the last two days, the CME barrel market resumed its downward trajectory and closed at $2.1200 per pound, $0.0325 lower. Blocks also declined, shedding two cents to finish the day at $2.0075 per pound. Five lots of blocks changed hands, and there were no barrel trades. Spot butter, meanwhile, dipped, climbed, then dipped again through the session, ending unchanged at $2.6800 per pound. Sixteen lots traded.
Butter Hits Lowest Price Since January
Spot butter prices tumbled, giving up seven cents to reach $2.6800 per pound, the lowest level since January. Four lots of butter were sold. Block prices fell to $2.0275 per pound, down 5.25 cents. Meanwhile, barrel prices ticked up slightly to $2.1525 per pound, adding $0.0075. Zero loads of either were exchanged. Europe’s cheese and butter prices continue to outpace the rest of the world.
CME Barrels See Largest Single Day Drop Since November 2020
Barrels continued to decline, landing at $2.1475 per pound and giving up 15 cents, the largest single-day drop since November 2020. Block prices, on the other hand, rose to $2.1200 per pound, adding a penny. Butter made up some of last week’s lost ground, climbing to $2.8050 per pound, adding 7.25 cents. Despite the big drop experienced by barrels, Class III futures climbed. Fourth quarter Class III contracts settled at $22.60 per hundredweight, up 31 cents.
Cheese and Butter Prices Continue to Move Lower
CME barrels continued to plunge, falling to $2.2975 per pound, shedding $0.1025 on the day and -$0.2925 from the Friday before. For the first time since November 2019, weekly volume totaled zero loads. Blocks also moved lower, giving up 3.5 cents to settle at $2.1100 per pound, with seven lots exchanged. The butter market also kept moving along its steep, downward trajectory. Spot butter dropped to $2.7325 per pound, down $0.0575 to the lowest price since February. Eighteen loads traded.
CME Butter the Lowest Since March
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EU Butter Still Expensive
CME barrels plunged even further off recent all-time highs, ending today at $2.4275 per pound, $0.1175 lower. Spot blocks also declined, but at a much slower pace, giving up 1.5 cents to settle at $2.1750 per pound. No volume traded for either commodity. Spot butter continued to lose steam, slipping to $2.8600 per pound, shedding four cents, with eight loads trading. Despite the drop in spot butter, Class III futures climbed.
Spot Cheese Continues to Give Up Ground
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Market Update: Drought in Brazil Pushes Soybean Contracts Higher
Friday’s Milk Production report, which showed there was more milk in August than expected, had a bearish effect on spot blocks and butter. But while prices dropped, the movement wasn’t dramatic. Spot blocks slipped to $2.2000 per pound, down $0.0375, while butter decreased to $2.9400 per pound, $0.0325 lower. Barrels, NDM and dry whey were unchanged. Drought in Brazil threatens to delay planting and growing.
August Milk Production Comes in Above Expectations
In Chicago, CME cheese prices gave up ground. Blocks slid to $2.2375 per pound, down 3.75 cents and barrels dipped to $2.5900 per pound, losing two cents. No lots of either were exchanged. Butter, on the other hand, ticked up to $2.9725 per pound, adding a quarter cent with five lots traded. August milk production was down less-than expected, slipping 0.1% year-over-year, the smallest decline in 14 months.
Spot Butter Drops Below $3
Spot butter dropped below the $3-per-pound mark for the first time since May. Prices slipped to $2.9700 per pound, giving up three cents to reach the lowest level since April. The CME barrel market eased off yesterday’s record high to finish the day at $2.6100 per pound, $0.0125 lower. But blocks gained ground, adding three cents to reach $2.2750 per pound. Three lots of blocks and zero of barrels changed hands. Like the CME cheese market, fourth quarter Class III futures were mixed.
Barrels Hit Record High
Barrels continued to rise, reaching $2.6225 per pound and tacking on 5.75 cents to set yet another record-high price. At the same time, blocks slid to $2.2450 per pound, giving up 3.25 cents. Spot butter declined to $3.0050 per pound, eight cents lower to the lowest price since May, even as EU values rose to $4.06 (adjusted to 80% butterfat). Q4 Class III prices slipped to $22.69 per hundredweight, losing 36 cents, despite the increase in barrel prices.
CME Barrels Hit All-Time High
Supply concerns and rising global prices continued to drive CME barrels higher. Prices shot up 7.5 cents to $2.5650 per pound, a new all-time high. Spot blocks slipped to $2.2775 per pound, down $0.0225. Eight lots of barrels and zero loads of blocks changed hands. Spot butter ticked up 1.5 cents to $3.0850 per pound, with five lots exchanged. The latest GlobalDairyTrade event was largely positive, with only butterfat logging price decreases.
Corn and Soybean Harvest are Underway
In Chicago, butter tumbled to $3.0700 per pound, giving up six cents to hit the lowest price since June. Whey also slipped to $0.5900 per pound, down 1.5 cents. CME cheese prices, on the other hand, remain supported. Blocks rose to $2.3000 per pound, up 2.5 cents, and barrels rose to $2.4900 per pound, tacking on a half cent. Despite strength in the spot cheese market, Q4 Class III futures dipped to $22.79 per hundredweight, giving up 38 cents.
CME Barrels Reach Highest Price Since November 2020
The CME barrels market didn’t show signs of slowing its ascent, adding a nickel to reach $2.4850 per pound. That’s the highest price since November 2020. Spot blocks were much calmer, easing by a half cent and settling at $2.2750 per pound. Meanwhile, butter regained about half the ground it gave up yesterday, with spots ending the day at $3.1300 per pound, up 4.5 cents. The increase in barrel prices helped push Q4 Class III contracts to $23.17 per hundredweight, up 14 cents on the day.
Spot Cheese Finished Mixed Today
CME spot butter settled at $3.0850 per pound, giving up nine cents, while NDM dipped to $1.3950 per pound, down $0.0025. Spot cheese was mixed, with blocks dipping to $2.2800 per pound and losing 3.5 cents, while barrels rose to $2.4350 per pound, tacking on five cents. The latest WASDE report was neutral amid relatively unchanged supply and demand fundamentals.
European Butter and Cheese Remain Most Expensive
CME cheese markets continued to gain ground. Barrels jumped 4.5 cents to reach $2.3850 per pound, while spot blocks advanced to $2.3150, up a penny. One lot of each changed hands. The CME NDM market flirted with the $1.40-per-pound mark, settling at $1.3975 per pound, up $0.0025, with six loads trading. Spot butter and dry whey were unchanged on the day. EU cheese prices remain the most expensive in the global market place at $2.42 per pound, compared to $2.23 in the US and $1.96 in New Zealand.
CME Cheese and NDM Reach Prices Not Seen Since 2022
CME cheese jumped to prices not seen since May 2022. Blocks reached $2.3050 per pound, up 3.5 cents, while barrels hit $2.3400 per pound, adding 5.5 cents. Spot NDM continues to run higher, settling at $1.3950 per pound, tacking on 1.5 cents to reach a level last see in November 2022. Class III and IV futures followed spots higher today, with Q4 Class III settling at $23.23 per hundredweight, up 40 cents. Q4 Class IV added eight cents to hit $22.72 per hundredweight.
Class III Futures Surpass Class IV
Spot butter once again inched closer to the $3.20-per-pound mark, gaining 1.5 cents to reach $3.1900. The CME NDM market also added 1.5 cents, advancing to $1.3800 per pound, with four lots changing hands. CME barrels also rose, settling at $2.2850 per pound, up a penny, while blocks were unchanged at $2.2700. No volume traded for cheese or butter. While CME cheese advanced just slightly, Class III futures shot higher. Q4 contracts settled at $22.83 per hundredweight, tacking on 64 cents.
NDM and Whey Manufacturer's Stocks Decline in July
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Spot Milk Supplies Tighten While Spot Cream Loosens
In Chicago today, butter regained ground and climbed to $3.1625 per pound, up 1.5 cents with three lots trading and spot NDM continues to march higher, reaching $1.3575 per pound, tacking on $0.0025 with two loads exchanged. Meanwhile, cheese prices were unchanged at $2.2300 per pound for blocks and $2.2500 per pound for barrels. Recent warmer days have tested cow comfort and put pressure on weekly milk yields.
Heavy Butter Trade to End the Week
It was green across the board today in Chicago, with CME cheese rebounding and finishing strong. Blocks settled at $2.2100 per pound, up $0.1350, while barrels finished at $2.2600 per pound, tacking on 8.75 cents. Plenty of butter traded into the weekend, with 26 loads exchanged. But prices were unchanged at $3.1700 per pound. Class III futures got a lift following the jump in CME spot cheddar markets.
CME Barrels and Class III Futures Push Higher Today
CME spot barrels made up some of yesterday’s lost ground, climbing to $2.1725 per pound, up 4.75 cents, with one lot traded. Spot blocks held steady at $2.0750 with five loads exchanged. Spot NDM also rose to $1.31 per pound, tacking on $0.0050, with three lots sold. CME spot butter dipped to $3.1700 per pound, down $0.0275, with QQ loads exchanged.
CME Blocks and Barrels Give Up Ground Today
CME cheese took a tumble today, with barrels dropping to $2.1250 per pound, down 12.5 cents, with one lot traded. Blocks also fell to $2.0750 per pound, giving up 6.5 cents, with one load exchanged. NDM dipped to $1.3050 per pound, losing a penny, with five lots traded. Fourth quarter Class III futures were mixed today, averaging $21.88 per hundredweight, nine cents lower. Q4 Class IV futures slipped to $22.64 per hundredweight, giving up 15 cents. Grain futures continue to waver.
Cheese Markets Are Up After Bullish Cold Storage Report
After ending last week with a tumble, CME cheese markets began this week with a surge, thanks in large part to USDA’s bullish Cold Storage report. Blocks shot up $0.1025 to reach $2.1400 per pound, the highest price since January 2023. Barrels leapt to $2.2500 per pound, up 15 cents. That was the biggest single-day jump since January 2023. Seven lots of blocks and one load of barrels traded. Butter also found support, adding 4.5 cents to $3.1750 per pound, with three lots exchanged.
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