CME: Dry Whey Increases Slightly
US - After four consecutive days of decline in milk futures, traders took some profit off the table resulting in minor gains, writes Alan Levitt.
20 January 2012
1 minute read
The freefall of the past four days eliminated about a dollar or more
in FEB-APR futures setting prices back to mid-December levels.
Over the same period of
time, block cheese price fell 4¢, barrels fell 6.50¢, and butter fell 5¢. The average milk
futures price for the first half of the year is $16.78.
Both blocks and barrels fell a penny today to close at $1.5450 and $1.5150 respectively.
Trading was light with two loads of blocks and one load of barrels changing hands. Butter
remained steady with no activity. So far this week there have been five loads of blocks, four loads
of barrels, and no butter traded on the spot market.
The Central dry whey “mostly” price edged slightly higher from the previous week to the
current range of 69.50¢-72.50¢. Prices are following the pattern of 2007 creating caution in
traders as price edges higher.
Spot load availability from manufacturers is light with supplies tight according the USDA’s Dairy Market News.
Mild weather continue to prevail in Western Europe. Milk production continues to increase in most regions with milk volumes running heavier
than last year.
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