USDA Stuns the Market With Dramatic September Surge in U.S. Milk Output
The combination of more milk and more cows stopped the bulls in their tracks, and made for a lot of red ink on LaSalle Street through mid-week.
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The bulk of the government buying is supposed to end soon, but, judging by the sudden rally on Thursday, the trade may expect another round of aid for dairy purchases.View report
Consumers continue to reach for kitchen staples that are familiar and convenient, and Cheddar fits the bill.View report
All of the CME spot markets moved higher, and cheese did so with particular verve. Once the laggard, barrels are now the leader.View report
Those markets that gained ground last week gave some of it back this week, while last week’s losers are now on the rise.View report
CME spot Cheddar blocks soared to the largest single-session increase on record. Barrels followed reluctantly and the block-barrel spread gaped. The market is on tenterhooks to see whether blocks will move lower or barrels higher to close the gap.View report
Dairy producers are doing their best to top up the bulk tank while the futures promise decent Class III values. Cheesemakers are going strong, and they report that cheese is moving apace.View report
The cheese markets stand well below the summer peaks but have made a surprisingly quick return to the lofty elevations from a month ago. Despite the impressive uphill sprint, the trade is clearly questioning the cheese market’s stamina.View report
Steep losses at mid-week and a Friday rebound added up to net gains across the board.View report
Cheddar markets lost a lot of ground, but tried to put up a fight. Barrels regained some territory signaling that the market is fumbling about for fair value.View report