Dairy Markets Drop Down Once Again
Low volume of trading on dairy products led to a lower market trend Tuesday. CME spot trade had butter trading 9 times to fall half a penny to finish at $2.27 ¾ / lb.
No Cheddar Blocks traded and there was only one offer that dropped the price 3 cents to end the day at $1.45 ¾ /lb.
Cheddar barrels had 4 trades on the day and lost half a penny to finish at $1.29 ¼ /lb. We continue to watch barrels closely as we have growing inventories. Prices have rallied each of the last 7 months, to then slowly recede back as the month ends.
Powders had a mixed day on Tuesday. Non Fat dry milk losing one cent to finish at $0.98/lb even.
Dry whey was up ¾ of a cent to $0.37 ¾ cent/lb.
Class III milk was weaker following the trend set by the spot products market. February- June averaged in at $14.60/cwt and July – December at $16.18. Down 1-14 cents
Class IV milk had limited trades to hold steady. It still trades higher than Class III with a first half average of $16.18/cwt and Second half at $16.72. For Commodity Risk Management Group, this is Jenny Wackershauser on Know your markets.