CME Cash Market Summary
Daily CME spot dairy market price summary
Dairy Team - Chicago
- Dairy
Early Morning Update - November 27, 2024
By: Dairy Team - Chicago, Dairy Chicago
The StoneX Dairy Team would really like to thank you, the dairy industry, for the delicious high quality milk and dairy products you produce year in and year out. We wish you and your family good health and a well-deserved Happy Thanksgiving!
Dairy Markets close today at 4pm and remain closed until Sunday, December 1 at 5pm Central.
Spot cheese was stable yesterday with barrels offered unchanged on the day $1.6400), but that did not shake the sting from Monday’s Cold Storage report. U.S. cheese stocks at the end of October were 32 million pounds lower than forecast and down 8% from last year. Class III and Cheese futures closed higher yesterday as the market builds in some additional risk premium in light of tight inventories.
Cheese demand remains subdued this shortened week, but futures are finding some upside mobility. January Class III is up about 050/cwt so far this week and the January to December Class III strip average is up about 0.15/cwt – closing yesterday at $18.76. The Dry Whey market is also lending a hand as spot pricing hit a new 2024 high price yesterday of 69 cents – a price level not seen since March 2022. So far this market is unfazed by the US-China tariff rhetoric hitting newswires this week. We look for a mixed to firm opening on Class III, Cheese and Dry Whey.
The USDA reported another 24 cases of Bird Flu in California as anecdotal comments point to continuing spread of infections throughout the state in November.
CME spot butter has continued to weaken. Retailers seem well covered for year-end demand. Stocks at the end of October were 10 million pounds lower than expected, but still up 11.4% from last year. Cream remains widely available. All signs seem to point to more potential weakness for the CME spot price and futures. That said, we’ll call it mixed today as perhaps the first and second week of December will tell the tale. January to December butter futures settled at $273.750 yesterday.
Spot NFDM buyers were back in action this week and yesterday the spot market closed up 1.5 cents to $1.3900. There are market bulls and there are market bears – but this market is sideways. Price action is one of consolidation in the high $1.30s to $1.40. The market is clearing product well here and until there is evidence of that not happening, the market can continue to chop sideways. From a price behavior perspective, we’d suggest the next move for NFDM will likely be higher. But with tariffs on the table, price behavior and supply/demand realities can be two different things. And supply/demand realities usually win out. We shall see.
- Dairy
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CME Cash Market Summary
Daily CME spot dairy market price summary
Dairy Team - Chicago
- Dairy
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