Loading…
CME Class III and cheese posted a two-month high early Tuesday as short-covering pushed prices up. Block cheese rose 3.75 cents to $1.6475 while barrels fell 2 cents to $1.53, and spot NFDM gained half a cent to $1.23.
Dairy product price moves in the futures and spot markets set the Class III milk price that feeds into dairy producer income and feed demand for dairy rations. Routine short-covering with no new supply or demand cause points to limited price impact.
stonex.comDairy TeamJan 31, 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.
Early Jan 30-31 short-covering pushed Class III and block cheese to two-month highs, a direct sentiment and positioning driver of the one-day jump ending Jan 31.
