Dry Whey Advances To New Record Price
Global Dairy Trade event number 217 led the conversation in Tuesday mornings trade. The index of products finished unchanged with lackluster performances in nearly every category. Skim milk powder was down three-tenths of a percent to 90 cents per lb., while whole milk powder was up one-tenth of a percent to $1.34 per lb.
Elsewhere, butter dropped 3.2%. to finish at an 80% butterfat equivalent of $2.13 cents per lb., while cheddar cheese rose 1.3% to finish at $1.67 per lb. The biggest price mover was rennet casing, which rose 8%.
The mix tone of the GDT auction carried over into early trade of Class III milk where prices remain largely unchanged up through the CME spot trade. In it, cheddar barrels took a day off remaining unchanged at $1.48 and ½ cents, four loads did trade, however. Blocks rose ¾ cents to $1.57 and ¾ cents.
Butter was up a penny to $2.31 and ½ cents per pound, while Grade A nonfat dry milk rose another ¾ cents to 83 and ¾ cents and dry whey advanced higher to a new record price for its history finishing at 43 and ¾ cents, up a ¼ cents per lb.
By the end of trade Class III milk was largely higher with the average price from now through the end of the year rising to $15.67, up 4 cents over Monday's close. Class IV markets remained unchanged.