CME Butter Moves Up as Global Markets Move Down
Event 207 of the Global Dairy Trade took place on Tuesday resulting in the GDT index falling 0.6%. Products declining included anhydrous milkfat, butter, butter milk powder and whole milk powder. Butter was down a percent to $2.37 per pound while whole milk powder dropped 0.8% to $1.46 1/2. Cheddar added 1.7% to $1.70 1/2 per pound and rennett casein was up 2.2%. Skim milk led all products higher on a 5.5% move to 93 cents per pound.
CME spot product markets watched butter markets trade 16 loads and move 3 cents higher to $2.27 1/4. Blocks were unchanged at $1.60 1/4 while barrels added a quarter cent to $1.51 1/2 on a single trade. Grade A nonfat dry milk lost a quarter cent after 5 trades and 7 offers. Nonfat dry milk closed at 64 3/4 cents matching the all time low set for the month of December.
Class III milk prices were mainly lower. March added 2 cents while April onward was even to 5 cents softer. Class IV markets were unchanged all the way through. Ten trades did take place on the second half of the year at $14.54 per cwt.