CME: Whey Prices On Steady Rise All Year
US - Spot prices held unchanged in a quiet session to kick off the final week of the year, writes Alan Levitt.
28 December 2011
1 minute read
Milk futures edged higher; the JAN-JUN12 average is $17.10. Current cash prices translate into a Class III price of about $16.40, supported by a generous whey market.
In fact, if the whey price were 40 cents rather than 66 cents, as reported in last week’s NASS survey, the Class III equivalent would be just $14.90.
For now, however, the whey market remains very strong (see chart). “Demand is good for current, limited offerings,” says USDA’s Dairy Market News.
“Although many contracts for 2012 are finalised, some users are finding restricted amounts of whey being offered for the upcoming year. The trend is for tighter supply and firmer prices.”
Whey futures for the first half of 2012 average 65.7 cents, up 3.9 cents since the end of November.
Thursday is the last day to trade DEC futures and options. December Class and Component prices come out Friday morning.
Holiday schedule: CME Group dairy trading will be closed Monday, 2 January, in observance of New Years Day. Regular trading hours will take place on Friday 30 December. Globex for dairy will re-open at 9:05am CT on 3 January.
TheMeatSite News Desk
