GDT Brings Positive News to Dairy Markets
Global Dairy Trade event 233 was released on Tuesday and brought a positive move to the dairy markets. Butter lead the way rising 5.8% during the auction. Butter milk powder followed and also rose 5%. Cheddar rose 3.2%, anhydrous milk fat rose 3.7%, and skim milk powder rose 1.8%. There were only two products down during the auction. Lactose fell 5.3% and Whole milk powder fell 1.3%. The index of products rose .8% from the previous auction.
The CME Spot product trade also had a positive move trading higher in 3 of the 5 products offered. Both Butter and Barrels were unchanged on the day, butter at $2.25 and barrels at $1.59 after 7 loads traded. With lower movements in the past few sessions blocks move 1 cent higher on Tuesday to finish at $1.65 cents/lb. Grade A Nonfat dry milk rose 1.5 cents to 97 ½ cents/lb. Lastly Dry whey rose ¼ of a cent to 33 ¼ cents after 5 trades.
Class 3 markets traded anywhere from 3 to 20 cents higher on Tuesday. March expired at the end of Tuesday’s session at 15.06. April settled at 15.85 and may finished at 15.70.
Class 4 markets traded higher as well. March expired at 15.76 and months April through December traded 2 to 12 cents higher.