Markets Lose Their Ground
Event 218 of the Global Dairy Trade took place on Tuesday with the overall index dropping 3.6% to an average product price of $1.33 per lb. Butter lost the most as it declined 8.5% to 1.94 and ¼ cents per lb. Cheddar fell 4.9% to $1.58. Skim milk powder was down 1.3% to 88 and ½ cents per lb. while whole milk powder softened 2.1% to $1.30 and ¾ cents.
Anhydrous milk fat also dropped while rennet casein was the lone product to move higher. Butter milk powder, lactose and sweet whey powder weren’t offered at this event.
CME spot product markets on Tuesday had mixed results. Cheddar barrels were much softer as 12 loads moved hands and the market set back 7 and ¼ cents to $1.57 cents per lb. Blocks added ¾ cents settling out at $1.61 and ¾ cents following three trades, three uncovered bids and three offers.
Butter weakened 1 and ¼ cents to $2.23 and ¾ cents per lb. Grade A nonfat dry milk traded 17 times Tuesday as the market jumped 1 and ½ cents to 88 and ¼ cents per lb. Dry whey was unchanged at 44 and ¾ cents. Class III milk markets lost a penny in August while September through December were 1-4 cents higher. First half 2019 markets fell 1-3 cents per cwt. Class IV milk ranged from 2 cents lower to 5 cents higher.