Butter Softens While Powder Drops
Event 222 of the Global Dairy Trade was released Tuesday resulting in the overall index losing three-tenths of a percent. Products to note included butter, which added 2.4% to $1.82 per lb. Cheddar lost 1.8% and finished at $1.54 and a half cents. Skim milk powder was unchanged and whole milk powder declined nine-tenths of a percent.
Skim milk powder ended at 89 and a half cents per lb. while whole milk powder settled at $1.23 and three-quarters per lb.
Other products that rose were anhydrous milk fat and lactose. Rennet casein fell while butter milk powder and sweet whey powder weren’t offered.
CME spot product markets on Tuesday had butter soften 2 cents to $2.27 per lb. following 4 trades, 1 bid and 3 offers. Cheddar blocks traded 1 load and gained a penny to $1.62 per lb. Barrels dropped a half cent to $1.33 and a quarter. Grade A nonfat dry milk closed unchanged at 87 and a quarter while dry whey moved three-quarters of a cent higher to 57 cents per lb. even.
Class III futures on Tuesday showed little change. October 2018 through December 2019 ranged from 3 cents lower to 5 cents higher. Class IV markets were unchanged October through February 2019 while March through May added 2 cents and June through December each gained 3 cents.