Global, Domestic Markets Move Higher
Event 240 of the Global Dairy Trade was released today with the overall index moving 2.7% higher. The lone product to move lower in today’s trade was rennet casein, falling 3.4%. Products of note to increase in price included butter, cheddar, skim milk powder and whole milk powder. Butter added 1.7% to $1.95 per lb., cheddar jumped 3.3% to $1.755, skim milk powder grew 3.8%, and whole milk powder was up 3.6%.
The CME spot product market followed GDT with mixed results. Butter traded 4 times and a half cent higher to $2.435 per lb. Blocks were up 1.25 cents on a single bid to $1.775 per lb. Barrels lost 2.25 cents and closed at $1.69 per lb. following 9 transactions. Grade A nonfat dry milk fell a quarter cent to $1.025. Dry whey added a quarter cent and settled at 32.25 cents per lb.
Class III milk prices results had July futures down two cents while August – December months gained 6-14 cents. The 2nd half of 2019 is offering $17.47 per cwt. Class IV milk was also up to the effect of 3-7 cents August through November. Grain prices had a weak performance on Tuesday as corn dropped 5 ¾ cents, soybeans were down 14 cents, and the wheat complex lost 1-3 cents.