Dairy Markets See A Boost
Global Dairy Trade event 231 was released on Tuesday and brought a positive move to the dairy markets. Butter milk powder lead the charge as it rose 11 % during the auction. For the rest of the products, Butter rose 3.7%, cheddar rose 6%, Whole milk powder rose 6% and anhydrous Milk fat rose 3.9%. The only product that was lower was Skim milk powder which fell 4.3%. The index of products was up 3.3% from the previous auction.
The CME spot product trade finished lower on Tuesday as 3 of the 5 products offered traded. Butter fell 4 ½ cents during 11 trades to $2.29 ½. Blocks were unchanged at $1.57 and Barrels were also unchanged at $1.43. Grade A non Fat Dry milk fell 1 ¼ cents to 97 1/2 and lastly Dry whey fell ¼ of a cent to 35 cents.
Class 3 markets started Tuesday lower and moved higher later in the session. Class 3 traded anywhere from 1 cent lower to 4 cents higher. March was the only month showing losses, which fell 1 cent to 15.12. The remainder of the contracts were higher, April rose 1 cent to 15.01 and may rose 2 cents to 15.17. The remainder of the 1st half average is 15.19, and the second half average is now at 16.20.