Dairy Producers Should be Brimming With Holiday Spirit
Pass the egg nog, please. USDA announced the highest Class III price in five years. That’s a lot of Christmas cheer heading for dairy producers’ mailboxes. The butter market, however, is suffering a holiday hangover.
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The gains were driven by impressive improvements in milk production per cow. Higher prices and mild weather have boosted milk output.View report
Spot Cheddar is still at a rather lofty perch and spot barrels have the highest value in more than five years. The markets are doing their job.View report
CME spot Cheddar barrels reached a five-year high, then the bids dried up.View report
The Cheddar market was already red hot, but barrels pushed the mercury even higher this week.View report
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 report
Judgment is further clouded by stupefying volatility and a sense of déjà vu. Sky-high cheese prices are simply difficult to sustain.View report
The bulls are still bruised after getting walloped in mid-September, when spot cheese staged an invigorating climb followed by a dramatic collapse.View report
The fundamentals of the milk powder market seem particularly healthy, and the bulls are roaming free.View report
After 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 report
After rocketing higher last week, CME spot Cheddar blocks continued to soar. But, the cheese markets are likely to remain volatile.View report