Butter Makes Biggest Gains in USDA Reports
The USDA released its weekly dairy product sales report this week with butter making the biggest gains, as should be expected with the recent higher price trends. Butter prices for 25 kg and 68 pound boxes averaged $2.39 per pound, which increased 6.7 cents from a week ago.
40-pound block cheese increased 4 cents from a week ago to $1.72 per pound while 500-pound barrels adjusted to 38% moisture averaged $1.55 per pound, up 1.2 cents from last week.
Dry whey averaged 50 cents per pound and decreased slightly from the prior week while nonfat dry milk averaged 92.3 cents, which ended up being a gain of 2.6 cents over the previous week.
Switching markets, crude oil has seen a steady decline since OPEC’s meeting back in May where the organization stated that it would continue to cut production through 2018. Diesel has followed lower, and is currently offering $1.40 futures prices through the balance of 2017. With fuel demand picking up through summer and into fall, it’s a good time to be considering fuel needs and taking advantage of the opportunity in front of us.