What a week in the Class III market, driven by a nice run higher in both CME cheese and whey futures. From last week, first quarter 2025 Class III futures gained 87 cents per hundredweight, settling at $19.44. Today’s cash block cheese market regained all of yesterday’s loss and 8 lots were exchanged. October trade data showed everyone that cheese can move at high volumes, even when prices are elevated. Exports totaled nearly 89 million pounds in October. Mexico continues to be a huge contributing factor to export strength, but with a lower Peso and higher Dollar, how long does this last?
Today’s Highlights
News of strong US October cheese exports supported CME cheese markets higher. Spot blocks recovered yesterday’s losses to settle at $1.7000 per pound, up 3.5 cents, while barrels jumped to $1.6900 per pound, $0.0475 higher. Eight lots of blocks and two loads of barrels traded. Spot butter also ticked higher, adding a half cent to reach $2.5450 per pound, with eight lots exchanged. The CME NDM market climbed back to $1.3900 per pound while spot whey rose to $0.7100, as both markets tacked on $0.0075.
US employers added 227,000 jobs in November, ahead of expectations for +211,000 and a leap from hurricane-hit October’s +36,000. The unemployment rate increased to 4.2% compared to 4.1% the month before.
Ever Ag
December 06, 2024 03:43 PM
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