Butter and Cheese Continue Climb
Event 209 of the global dairy trade took place on Tuesday and resulted in the overall index falling six tenths of a percent. 17,222 metric tons of product sold at an average price of $1.12 1/4 per pound. Anhydrous milk fat lead markets lower as it dropped 7%. Skim milk powder was the only other product to drop as it fell 1.8% to 83 3/4 cents per pound. Whole milk powder gained 1.6% to $1.48 1/2. Other products to note: butter jumped 4% to $2.43 per pound while butter milk powder added a percent. Cheddar traded 2% higher to $1.66 3/4 and rhennet casein was up 12.1%.
CME product markets had butter and cheddar blocks up 2 cents and the remaining products unchanged. Butter traded 10 loads and had seven unfilled bids and five on filled offers. Butter closed at $2.24 per pound while blocks settled at $1.55. Barrels were unchanged $1.44 1/2. Despite 10 trades nonfat dry milk finished at 69 cents per pound and dried whey stayed at 28 cents per pound.
Class III milk futures were higher on Tuesday. Prices ranged from 5 to 15 cents higher April through December. Class IV milk watched March move a penny higher and September added 7 cents.