The Latest: April - 2024
Cheese Market Surge: Class III Futures Rally
Class III futures came roaring back this week, led by a sizable rally in the cheese markets. USDA’s Dairy Market News reports that domestic cheese demand is perking up. Grocery shoppers have embraced the advent of grilling season with shopping carts full of ground beef and all the fixings for cheeseburgers.
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Fresh cheese is tight, and the markets seem to have someone – or several someones – over a barrel. High prices are working to trim demand at the margins, boost production, and attract imports.
View reportJudgment is further clouded by stupefying volatility and a sense of déjà vu. Sky-high cheese prices are simply difficult to sustain.
View reportThe bulls are still bruised after getting walloped in mid-September, when spot cheese staged an invigorating climb followed by a dramatic collapse.
View reportThe fundamentals of the milk powder market seem particularly healthy, and the bulls are roaming free.
View reportAfter much volatility, the boundaries are becoming clearer. The spread between blocks and barrels narrowed, adding another layer of uncertainty to the already complex cheese markets.
View reportAfter rocketing higher last week, CME spot Cheddar blocks continued to soar. But, the cheese markets are likely to remain volatile.
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