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CME: China WMP Imports Lower

31 October 2011

US - Blocks were bid 5.25¢ higher today to move back above barrels. The move helped send Class III futures to their highest level in more than a month, writes Alan Levitt.

Cheese futures were up 6.2¢ this week in the NOV and DEC contracts.

Fluid milk sales in the June-August period were down 1.5 per cent from a year ago, according to USDA and California data (see chart).

However, sales in August were encouraging – up 0.9 per cent vs. a year ago, just the second positive month in the last 21. Year-to-date sales were down 1.5 per cent from last year and down 2.9 per cent from two years ago.

China imported just 6,985 tons (15.4 million lbs.) of WMP in September, the smallest figure in almost three years.

In the June-September period, China WMP imports were down 43 per cent from the prior year. From January 2010 to May 2011, China imported 31,600 tons (69.7 million lbs.) of WMP per month, but that pace has dropped significantly this summer, leaving New Zealand suppliers to find other markets for their products.

NASS dairy product prices for the week ending 15 October: cheddar blocks $1.7271 (-1.02¢ vs. the prior week); barrels $1.7417 (+1.90¢); butter $1.8039 (+5.11¢); nonfat dry milk $1.4969 (-2.62¢); dry whey 62.08¢ (+0.17¢). c

Further Reading

- You can view the full report by clicking here.


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