After a volatile week in which markets reacted to tariff news, today saw decreased volume and volatility. Synthetic spot Class II is building a healthy discount to futures. Class III futures settled slightly in the green. Class IV milk futures continued to see a slight sell off, but the complex was mixed — with butter continuing its downward trend and NDM attempting to bounce a little higher after several weeks of declines. With tariff news seemingly indicating a delay in implementation, futures see no reason to move lower at the moment.
Today’s Highlights from Ever.Ag’s Know Your Markets
Strong cheese trade data didn’t translate to higher prices in Chicago. Spot blocks gave up yesterday’s gains – and then some – shedding four cents and closing at $1.8600 per pound. Eight lots changed hands. Barrels sat unchanged at $1.8050 with no trades. Butter also dropped, down two cents to $2.4100 per pound, with two lots exchanged.
By Ever.Ag
February 05, 2025
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