The Latest: February - 2026
Another Dramatic Week on LaSalle
It was another dramatic week on LaSalle. Seemingly inspired by the Olympians in Milan-Cortina, the markets underwent their own fits of athletic prowess as they jumped, twirled, and in some cases tumbled. The market tone is unsettled as buyers and sellers are going head-to-head. By the conclusion of Friday’s spot session, every commodity sat at a lower price than a week prior. However, that simple conclusion belies the volatile activity that occurred over the course of the week.
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CME spot Cheddar blocks plummeted 11.75ȼ and closed at $1.72 per pound, their lowest price since April. Barrels lost a dime and finished at $1.7675, also a six-month low.
View reportLast week’s Cold Storage report showed an impressive decline in cheese stocks from March to September. That implies excellent demand for U.S. cheese, driven by spectacular exports. The trade is left to assume that cheese output will step upward several times over the next few months as new and expanded plants start making product.
View reportDairy market analysts got a surprise this week when USDA released its Milk Production report on Monday with stronger than expected results. But perhaps even more unexpectedly, the agency revised the August figure from a modest loss to a 0.4% increase.
View reportThe dairy markets bounced this week, rejecting the notion that lower prices will be necessary to balance supply and demand. After the dramatic declines seen in late September and early October, every product traded at the CME spot market moved upward this week. The bulls have clearly found some traction.
View reportThe dairy markets are seeking a balance at prices that encourage greater milk output without killing demand. For several weeks, that required a steep descent from a dizzying peak. This week they appeared to find their footing.
View reportThe dairy markets have once again proven the old trading adage that the best cure for high prices is high prices. Butter buyers seem confident that they have enough product to keep cases stocked through the holidays. Plentiful cream and pricey butter kept churns running unusually hard through the summer.
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