CME Cheese Markets Pass $1.90
Spot blocks climbed to $1.9975 per pound, up 4.5 cents, with five lots trading. Barrels jumped to $1.9600 per pound, gaining $0.0725, with 16 loads changing hands. Those are the highest prices since January and November, respectively.
Second quarter Class III contracts leapt to $19.02 per hundredweight, 53 cents higher.
Second quarter “all cheese” futures settled at $1.9470 per pound, adding $0.0540.
Spot butter was unchanged at $2.4000 per pound, with zero lots changing hands.
The April butter contract increased to $2.3750 per pound, tacking on $0.0075.
Spot NDM rose to $1.1875 per pound, $0.0075 higher, with one load trading.
Second quarter NDM futures slipped to $1.1933 per pound, easing by $0.0088.
Spot dry whey ticked up to $0.4675 per pound, adding $0.0075, with one lot exchanged.
The May dry whey contract advanced to $0.4125 per pound, gaining a penny.
May corn futures rose to $6.3425 per bushel, bumping up 1.5 cents. The May soybean contract dropped to $14.7650 per bushel, 15 cents lower.
FROM THE TRADING DESK: Talk about an upset…who had barrel cheese at $1.96 per pound in their dairy market bracket?! CME spot barrel prices have gained nearly 40 cents over two weeks, quite the Cinderella story. The cheese market strength continues to surprise, but in the face of plenty of supply and lackluster demand, this week marked an impressive comeback.