GDT Price Index Rises
Positive results were registered in global dairy trade event number 182 on Tuesday. Butter in that event rose 3.4% to a price of $2.66 per pound. Cheddar rose 1.6% to $1.87 per pound.
As witnessed at the CME spot trade of late, the nonfat dry milk has been the underperformer. Parallel to that, skim milk powder was the main detractor from index’s performance. It fell 3.2% and settled at 92 cents a pound. Whole milk powder rose 0.3% to $1.42 a pound.
When the dust had finally settled the GDT Price Index rose 0.2%, the first higher performance witnessed since the sixth of June. This lent nicely to the CME spot trade where butter rose three cents to finish at a final price of $2.64 ½. Block cheddar was up a penny and half to finish $1.71.
Barrels remained unchanged, but had the greatest volume. Ten loads traded and left the market at a $1.48 ½. That leaves the spread between block and barrels now at 22 ½ cents.
Grade A nonfat dry milk was unchanged as well as 85 ¼ cents. Class III markets drifted lower in the wake of higher product trade, with the final average from now through December coming in at $16.67. Class IV did rise 3 cents to finish at $16.93.