Blimling and Associates Blog

Block cheddar cheese closed at $1.2750/lb, down $0.0125/lb with 10 trades.

Barrel cheese closed at $1.2500/lb, unchanged with 17 trades.

Butter closed at $1.4800/lb, up $0.0100/lb with 12 trades.

Grade A NDM closed at $1.1100/lb, unchanged with no trades.

Extra Grade NDM closed at $1.1200/lb, unchanged with no trades.

A year ago today, the US stock market made a bottom. On March 9, 2009, the S&P500 closed at 676.5. Yesterday, it was 1138.5. So we have made a 58% comeback. According to a report published by Bespoke Investment Group, the current bull market so far ranks 14th on the all-time list.

At times it is not easy to believe that things have gotten a lot better since last March. That view is perhaps mostly deeply colored by unemployment, which is rampant. But a look at a number of indicators shows real gains. Look at the data "in hand" today versus the same month a year ago:

Consumer Confidence +84%

Retail Sales +5%

Auto Sales +13%

ISM Purchasing Managers Index +61%

Durable Goods Orders +10%

Housing Starts +22%

So: we survived and there has been traction.

Of course, that is not the same thing as saying "everything is great" or that there is somehow no bad news. The housing sector remains in tatters -- foreclosures, unsold inventory, "upside down" mortgages and construction spending all remain areas of concern. Moreover, the mood around everything remains tentative. In short, we could write the "glass is half-empty" narrative without straining.

But for today, on the one-year anniversary of the market making a major bottom, we'll stick with a "glass is half-full" view.

New Alaskan Dairy Regulations Irk Small Producers

India: Amul Dairy Chairman's Speech Creates Uproar

Bongrain Cheese USA Expands West Coast Plant

High-priced Dairy Sales "Boost Case" for Parmalat

Heifer Trade to China Expected to Boom Again

NZ Manfacturing Sales Increase Most in 7 Years

Organic Dairies Facing Price Cuts

India: Milk Retailers Make a Killing on the MRP

McDonald's Corp (MCD) today reported worldwide same-store sales growth of 4.8% for February, besting estimates. Domestic sales were up 0.6% -- performance that some commentators say was decent considering horrific weather in many areas. Sales were up 5.4% in Europe and 11.0% in other foreign lands. France, the UK, Japan, China and Australia were cited as strong spots.

While same-store sales growth of less than 1% in the United States hardly seems cause for believing that economic malaise has entirely melted. But this morning's report was of a piece with other retail numbers published in recent days showing some traction with the consumer. Indeed, Friday's editions of The Wall Street Journal included a story about better-than-expected retail performance across the spectrum in February -- with Retail Metrics showing same-store sales growth of 4.1% across the outlets it tracks:

The results, on the heels of similar activity in January, show how consumers, even if they aren't spending as much, are giving up the ultra-frugal habits they took on last year. Instead of waiting for deep discounts or buying items only when they need them, shoppers are back to buying a season ahead when prices are higher. They're also spreading around more of their carefully counted dollars to sellers of higher-priced goods, including luxury, which saw sales hit a wall last year. The turnaround has caught industry observers by surprise. More than three-quarters of the retailers who delivered February results Thursday did better than analysts had expected. 

Block cheddar cheese closed at $1.2875/lb, down $0.0100/lb with 2 trades.

Barrel cheese closed at $1.2500/lb, unchanged with 7 trades.

Butter closed at $1.4700/lb, up $0.0200/lb with 3 trades.

Grade A NDM closed at $1.1100/lb, unchanged with no trades.

Extra Grade NDM closed at $1.1200/lb, unchanged with no trades.

We saw this sign at the end of an exit ramp in the Yakima Valley (Washington) last week. It struck us as a humorous commentary on the current scene...

Commissioner Asks USDA to Consider Class I Floor for Milk Prices

Fonterra Milk "Tainted from Shipping"

Block cheddar cheese closed at $1.2975/lb, down $0.0075/lb with no trades.

Barrel cheese closed at $1.2500/lb, unchanged with 2 trades.

Butter closed at $1.4500/lb, up $0.0100/lb with no trades.

Grade A NDM closed at $1.1100/lb, unchanged with no trades.

Extra Grade NDM closed at $1.1200/lb, unchanged with no trades.

Dairy Owners Say Milk Price Drop is Temporary Setback

Dire Milk Market at Hand, Say Farmers

Sen. Gillibrand Wants COOL on Products Containing Milk

Fitch Maintains Stable Fonterra Ratings

Dairy Coop Sees Profit of $14.9 Million

BelGioioso Facility to Benefit from Grant

Dairy cow slaughter for the week ending February 20 was 57,288 head, down 3.7% from the same week last year.