Product Markets Gain With The GDT Increase
Global Dairy Trade (GDT) event 205 took place on Tuesday and resulted in an index gain of 5.9%. Through the first 3 sessions of 2018, GDT has jumped 13% to an average price of $3,553 per metric ton. A total of 22,197 metric tons of product was sold among 188 participating bidders. Lactose wasn't offered while anhydrous milkfat added a half of a percent. All other products jumped at least 5%.
Butter settled at $2.33 1/2 per pound, up 7.9% from the last trading event. Cheddar improved 7.2% and closed at $1.69 1/2. Skim milk powder was up 7.2% while whole milk powder did a little better by adding 7.6%. Skim closed at 87 1/2 cents and whole went up to $1.46 1/4 per pound.
CME product markets saw gains of a half cent in barrels, butter and nonfat dry milk. Blocks settled unchanged at $1.51 3/4 per pound. Barrels closed at $1.37 per pound while butter finished at $2.08 1/2. Grade A nonfat dry milk moved up to 74 1/4 cents per pound. Class III milk futures fell 2 to 6 cents between February and June while the second half added 4 to 10 cents. January and February 2019 were up 10 and 5 cents, respectively.
Class IV markets were also higher. April jumped 22 cents, August added 6 cents and September gained 10 cents.