U.S. Prices Getting More Competitive on Global Markets
Buyers returned from the Independence Day holiday with a little skip in their step, a little money in their wallet and a desire to buy dairy products.
On the CME spot trade, butter traded seven loads and remained unchanged, finishing at $2.64 ½. Blocks rose 1 ½ cents to $1.54 while barrels rose 1 ¾ cents and finished at $1.37.
Grade A nonfat dry milk finished at 85 cents, up a penny on two loads traded.
The positive spot trade was not a function of the global dairy trade results where the index finished 0.4 of a percent lower, saved only by buttermilk powder and whole milk powder, the lone two positive trades. Here are other results of the global dairy trade auction:
- Butter was down 0.1%, remaining at $2.56 per pound
- Cheddar dropped 3.2% to $1.84 per pound
- Skim milk powder dropped 4.5% to 95 cents per pound
- Whole milk powder rose 2.6% to finish at $1.41 per pound
Class III markets took their nod from the spot trade where the average price from now through the end of December was 6 cents higher at $16.65 per cwt. Class IV markets saw no trades and finished at $16.74 over the same period.