CME Markets Follow GDT
Event 184 of the Global Dairy Trade auction took place on Tuesday and ended with the price index up 1.7%.
Highlights of the event included the butter index up 4.9% at $2.225 per pound. Whole milk powder was up 2.9% to $1.295. Products that finished lower Tuesday included the cheddar index which was down 1% to $1.545 per pound and skim milk powder was down 10.1% at 88₵.
CME spot product markets followed up the GDT trade with strength in cheese, weakness in butter and no change in the dry milk.
Cheddar blocks traded eight times and posted a 2.75₵ gain to finish at $1.43 per lb. Cheddar barrels traded one tick better and finished 3₵ higher at $1.43 per pound on 17 trades. Butter traded one time and finished a penny lower at $2.12 per pound. Grade A nonfat dry milk finished unchanged at 80.5₵.
Class III milk markets harnessed the strength in the block and barrel markets and finished much higher on the day. Second quarter prices gained 32₵ – 50₵ on Tuesday. Third quarter prices moved up 25₵-35₵. Fourth quarter watched its prices grow 15₵-18₵. January-April prices gained 4₵-13₵ in the 2018 market
Class IV markets saw July markets 2₵ higher but that was the only month that traded in 2017.