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Class III and cheese prices finished mostly lower Wednesday after Tuesday's rally, with spot cheese weak and block cheese reaching a 2024 high of 1.7650. Analysts said short-term weakness in Class III futures was likely, though demand sentiment was improving.
Softer spot cheese and Class III prices point to lower dairy product values near term, which weighs on milk price expectations. Improving demand sentiment limits the downside.
stonex.comDairy TeamMay 2, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Block cheese reached a 2024 high after Tuesday's rally, confirming that cheese strength drove Class III up, although the report also flags short-term weakness.
Block cheese reached a 2024 high of 1.7650 after a Tuesday rally, and improving demand sentiment shows the cheese-driven strength behind the Class III move, even though there was short-term pullback.
