Markets Continue to Look Brighter
The Global Dairy Trade Event 234 was held Tuesday morning and continued the positive trend we have seen since December. Overall the Price index rose ½ of a percent, but the dairy product individual prices were mixed.
Butter index rose 3.5% from two weeks ago. Cheddar cheese index was up 1.4% and skim milk powder was up 2/10 of a percent. Whole milk powder fell 7/10 of a percent, Rennet Casein was also down 2.4% along with Lactose falling 3.4%.
Class III milk showed early weakness during Tuesday’s trade, but made a turn to the positive after the CME spot product trade. April Class III was up 6 cents to $15.95 and May was down 2 to $15.63. Class IV milk was up 2-7 cents. May Class IV finished the day at $16.20/cwt
The quiet Class III trade reflected a slow CME Spot Dairy Products trade. Butter gained 1 ¼ on 3 bids and no trades to $2.27/lb. Cheddar Blocks gained ¾ of a cent on 3 trades, but Cheddar barrels were unchanged with no trades and only 2 offers to end the day at $1.59 ¾
Grade A Non Fat Dry Milk and Dry whey were both unchanged with no loads changing hands. Non Fat Dry Milk ended the day at $0.98 3/4/lb and Dry whey at $0.34 ¾ .
For Commodity Risk Management Group, this is Jenny Wackershauser on know your markets