Dairy Markets Leap Higher On Global Trade
Dairy markets leapt higher in the Class III milk following strength in barrel cheese and GDT. Class III futures jumped double digits February through December 2020 and three months even touched $18 per cwt on Tuesday. February through June closed with an average price of $17.66 per cwt while second half prices are offering $17.92 per cwt. Class IV markets fell 6 cents in March but added 1-5 cents in the second half of the year. Class IV February to June is offering $17.72 per cwt and the second half is pricing out at $18.37 per cwt respectively.
Product markets watched barrels add 3 ¾ cents and settled out at $1.59 ¾ per lb. four loads moved from seller to buyer. Blocks traded 3 loads and a quarter cent stronger to $1.96 ½ per lb. Butter was unchanged at $1.88 as nobody showed up. Grade A nonfat dry milk was bid a half cent higher to $1.29 ½ while dry whey lost a half cent and finished at 36 ¼ per lb.
Event 252 of the Global Dairy Trade took place and set the stage for the stronger trade in milk. Anhydrous milk fat was the lone product to decline out of all that were offered falling2.6%. Butter jumped 5.5% to a price of $1.88 per lb. Cheddar managed a slight uptick of six tenths of a % to $1.83 ½ per lb. Skim milk added 7/10 of a percent and whole milk powder jumped 2.4%.