Class III Futures Move Higher with Global Dairy Trade
Event 251 of the Global Dairy Trade took place on Tuesday with all offered products closing higher for the session. Sweet whey powder was the lone product that wasn’t offered. Products gaining in value to note included butter, adding 3.7% to $1.78 ¼, cheddar also rose 3.7% and ended at $1.82 per lb. Skim milk powder added 5.4% and closed at $1.37 ¼ while whole milk powder traded up to $1.42 per lb., up 1.7%. Anhydrous milk fat was 2.3% stronger.
CME spot product markets on Tuesday had butter 1.5 cents lower to $1.88 per lb. on 2 trades while cheese unchanged. Blocks closed at $1.88 and barrels were at $1.64 ¼ respectively. Grade A nonfat dry milk moved 10 loads and closed with 20 unfilled bids and a price of $.125 ½. Dry whey added a penny to 32 ½ cents with 7 transactions taking place.
Class III milk futures were higher on Tuesday after the positive GDT session. First half 2020 months rose 10-25 cents while the second half traded 60-10 cents higher. Class IV was also stronger as months ended even to 15 cents higher.