Market News
CME milk futures higher, spot market mixed, GDT index falls
Milk futures were mostly up, and cash dairy prices were mixed on the Chicago Mercantile Exchange Tuesday.
February Class III milk was down $.01 at $16.98. March was unchanged at $17.01. April was up $.10 at $17.16. May was up $.12 at 17.24. The milk futures from June through next January ranged from zero to twelve cents higher.
Dry whey was unchanged at $.37 cents per pound. No sales were recorded.
Forty-pound blocks were down $.01 at $1.81 per pound. There were five sales recorded from $1.79 to $1.7925.
Barrels were unchanged at $1.5850 per pound. There were no sales recorded.
Grade AA Butter was down $.0050 at $1.7950 per pound. Seven sales were recorded from $1.7950 to $1.8150.
Nonfat dry milk was up $.03 at $1.20 per pound. Two sales were recorded at $1.1950 and $1.20.
The Global Dairy Trading index fell Tuesday for the second straight time, dropping 2.9% to an average price of $3,176 U.S. dollars per metric ton.
Two weeks ago, the GDT index was down 4.7% averaging $3,226 per ton.
Whole milk powder dropped 2.6% to $2,966 per ton or $1.46 per pound. Skim milk powder was also down 2.6% at $2,840 per ton or $1.28 per pound. Whole milk powder and skim milk powder accounted for more than 75% of Tuesday’s sales.
Anhydrous milkfat was down 5.5% to $4,379 per ton or $1.98 per pound. Rennet Casein fell nine-tenths of a percent to $9,873 per ton or $4.47 per pound. Butter was down 3.9% to $4,090 per ton or $1.85 per pound. The only commodity gaining in value was Cheddar cheese, which jumped 5.3% closing at $4,526 per ton or $2.05 per pound.
The GDT index was down substantially in mid-December but rebounded in January before two straight February declines.
The next Global Dairy Trade event happens Tuesday, March 3rd.
