June 2, 2020
A record trade on Tuesday with Cheddar blocks trading two loads at $2.50 ½. This is a 10 ½ cent move higher. Barrels gained 11 ¼ cents with 1 trade to $2.21 ½ /lb. This unprecedented move follows a Global Dairy Trade Event that was virtually unchanged from two weeks prior – finishing up 1/10 of a percent. Cheddar prices fell and finished at a U.S. equivalent of $1.60/lb.
Other global dairy trade highlights were butter trading down 4.4%, lactose was 4.1% lower, and skim milk poser fell half of a percent. Whole milk powder was 2.1% higher.
The CME spot trade saw butter gain 5 ½ cents on 12 trades to $1.72/lb., Grade A nonfat dry milk fell a penny to $1.01 ½ /lb. and dry whey gained ¾ of a cent to $0.31/lb.
Class III milk continued to drive higher gaining over $9 in a 30-day window as it follows the spot cheese trade. June moved 63 cents higher to $19.60, July gained 34 to $18.20 and Aug gained 20 to $17.10/cwt. Second half was mixed from 2 lower to 34 cents higher in July.
Class IV saw June gain 18 to $13.61, July gained 11 to $15.08, and August gained 14 cents to $15.32/cwt.
milkbusiness.com
Comments