Dairy Markets Seeing Red
Event 223 of the Global Dairy Trade lead the dairy markets lower on Tuesday. Cheddar cheese declined 4.6% to $1.47 per lb. Whole milk powder dropped 1.7% to $1.84 per lb. The only product in the green was skim milk powder, up 1.2% at 91 cents per lb.
The index of products covering the GDT Auction fell 2.0%. The CME spot market was also lower in most products. Butter was down 4 and ¾ cents to $2.24 per lb. Blocks were unchanged at $1.45 and ¾ cents per lb. Barrels were down ½ cents at $1.33 and ½ cents per lb.
Grade A nonfat dry milk fell ¼ of a cent to 88 and ½ cents. Dry whey also fell ¼ cents to 44 and ½ cents per lb. The Class III market also saw losses on the day. November was down 18 cents at $14.52 and December fell 22 cents to $14.82.