Class III Prices Move Slightly Higher
Event #187 took place in the Global Dairy Trade Auction series on Tuesday. All but one product was higher. The exception was skimmed milk powder and it was down 0.09% to 90₵ per pound. It’s counterpart, and the flagship contract in the auction, whole milk powder rose 5.2% to an average price of $1.47 per pound.
The cheddar market was up 4.6% at a final price of $1.67 per pound and butter rose 1.1% to $2.18 per pound. Elsewhere, anhydrous milk fat rose 4.7%, buttermilk powder was up 21.8%, and rennet casein was up 10.4%. Between it and buttermilk powder, very little trade took place. The GDT index as a whole rose 3.6% percent.
Looking at the CME spot trade, it took on a different tone. Blocks were unchanged. One offer came to the market, but it did not make any change to price which finished at $1.48 per pound. Barrels were down 0.25₵ to $1.415 per pound after two loads took place. Grade A nonfat dry milk was down 0.75₵ to 85.25₵. The butter markets moved back higher, up 2.25₵ on three trades and finishing at $2.115 per pound.
Class III markets remained higher all day, and in the end, the price average for all months from now through December finished at $16.10 per cwt, up 2₵.