Markets Take A Slide
Event 216 of the Global Dairy Trade took place on Tuesday and resulted in the overall index sliding 1.7%. Products suffering losses in the price included anhydrous milk fat, butter, cheddar and rennet casein.
Butter fell 8.1% to $2.20 per lb. while cheddar was down 3.3% to $1.63 per lb. Anhydrous milk fat declined 5.2% and rennet casein 9.5%, respectively. Skim milk powder was up 1.5% Butter milk powder, sweet whey powder and lactose were all unchanged. The cheddar block and barrel markets traded on the CME spot product session followed GDT lower.
Blocks softened 3 and ¾ cents to $1.52 and ¾ cents per lb. and barrels dropped 4 and ¾ cents to $1.37 and ½ cents. The block to barrel spread now stands at 15 and ¼ cents. Butter traded 1 and ¼ cents higher and closed at $2.25 and ¼ cents per lb. Grade A nonfat dry milk rose 1 and ¼ cents following a single trade and settling out at 76 and ¾ cents per lb. Dry whey was unchanged at 41 and ½ cents.
Class III milk futures closed with mainly lower trade in 2018 as July fell 2 cents and August was down 18 cents at $15.00 per cwt. September through December results were a penny higher to 6 cents lower. First half 2019 ranged from 3 cents higher to 6 cents lower. Class IV milk had August through December 2-10 cents stronger.