Daily Dairy Trading: Cheese Drop Continues, Monday
US – Major price losses either side of the weekend mean Cheddar Barrels and Blocks are trading around 14 to 19 cents below last week’s average.
11 February 2014
1 minute read
The Group Spot market posted major losses for Cheddar and Butter on Monday, compounding Friday’s considerable downturn. Cheddar Blocks dropped 10.25 cents and Butter and Barrels both lost 5.5 cents, according to the Chicago Mercantile Exchange.
Butter finalised at $1.765, ten cents below last week's average of $1.866. Eight quantities were traded.
On the futures floor, February Class III milk edged higher to close on $22.89 and March, along with all other 2014 contracts, closed lower – down 22 cents to $20.50.
Class IV contracts closed mixed, mostly with losses. The February Class IV chart has stabilised between $23 and $23.50 since late January.
March and April Class IV contracts are worth $22.60 and $21.72 respectively.
Cheese futures posted losses. February and March closed at $2.243 and $2.004.
February Butter closed on $1.8195 as contracts closed with losses up to and including August. Contracts are trading between $170.5 and $171 from April to August.
February Whey closed on $0.6295 and Nonfat Dry Milk finished on $2.0430.
Michael Priestley
TheCattleSite News Desk
