CME: Cheese Markets Move In Different Directions
US - The CME dairy markets were open on Veterans Day but sellers of cheese apparently didn’t get the memo, writes Alan Levitt.
14 November 2011
1 minute read
Barrels were bid a nickel higher to $1.98; the price has increased 20¢ in the last eight days without a sale taking place.
Blocks traded once at $1.91, then was bid to $1.95 before a second trade occurred. Milk futures rallied in the front months, with NOV, DEC and JAN all closing at new highs.
On the other hand, international cheese prices are moving in the opposite direction.
Oceania cheddar is trading in a wide range of $1.47-$2.04, down nearly 50¢ on the low end of the range over the last 10 weeks, according to USDA’s Dairy Market News (see chart).
In the Oceania region, “cheese output, along with all other manufactured dairy products, is in full swing,” DMN says.
International butter prices are weaker as well. Oceania butter is pegged at $1.63-$1.86, down 25¢ in 10 weeks and the lowest price since spring 2010. World milk powder prices are steady, DMN says.
Fluid milk sales in the third quarter were down 1.3 per cent from last year, according to USDA and California data. Year-to-date sales are off 1.4 per cent and remain on track for a 27-year low.
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