# Early Morning Update - January 31, 2024

> 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.

- Date: 2024-01-31 · published 2024-01-31T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/6009-early-morning-update-january-31-2024
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

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.

## Read by commodity

- MILK: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| MILK | 2024-01-31 | 1 | +5.9% | 5.5 | 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. |

## Sources

- stonex.com: https://www.stonex.com/en-us/insights/early-morning-update-january-31-2024/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.