CME: Global Dairy Trade Auction Prices Lower
US - Blocks, barrels and butter all settled below $1.50 this morning. For blocks, it’s the lowest since January 2011, writes Alan Levitt.
2 February 2012
1 minute read
For butter it’s the lowest since April 2010. These spot
prices translate into a Class III price of about $16.00. Futures moved closer to that
level yesterday, with MAR and APR dropping 31.5¢ to an average of $16.22. Spot NDM
dropped a penny yesterday on both Grade A and Extra Grade, sending NDM futures
lower as well. Butter and whey futures were mixed.
Prices were lower on the semi-monthly Global Dairy Trade auction. The weightedaverage price for SMP was $3,296/ton ($1.50/lb.), down 0.5% from the Jan. 17
event. Winning prices for WMP averaged $3,533/ton ($1.60/lb.), down 0.9%. The
weighted-average price for AMF was $3,942/ton ($1.79/lb.), down 3.5%. Cheddar
cheese was $3,640/ton ($1.65/lb.), down 1.1%.
The overall trade-weighted index was off 0.9% from the previous event, and down
almost 14% from a year ago. However, the index has fluctuated in a narrow range (less than $300/ton) since August (see chart).
The California Weighted Average NDM Price (CWAP) for last week was $1.3779, up 4.4¢ from the prior week. This is in line with the average of
the previous five weeks. Sales volume was 15.2 million lbs.
Further Reading
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