Global Dairy Trade Auction Index Grinds Lower
The biggest mover in the markets on Tuesday was the newest results of the Global Dairy Trade. Event #182 took place on Feb. 21 with almost every market moving lower with the exception of lactose and butter.
Butter was up 0.2% which had a nominal change to price and it finished at $2.04, adjusted to 80% butterfat. Cheddar was down 5.3% leaving the index price at $1.63. Skim milk powder fell as well to $1.17, a 3.8% drop. Whole milk powder, the flagship contract, was down 3.7% to $1.45 per lb. In the end the index of products was down 3.2%.
At home on the CME spot trade, blocks down another nickel after five loads traded finishing at $1.53. Barrels were down 2₵ after 5 loads traded at finishing a $1.60. Butter followed suit and was down 1.75₵ marking a close of $2.14 after no trades took place. Powder was up 0.5₵ to 87.5₵ per lb.
Class III markets were down roughly 20₵ through the course of 2017. Class IV was up 15-20₵ in the May through September period with markets on either side of it moving in single digits.
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