CME: Exports of SMP & NDM Fall
US - Exports of cheese and dry whey were up in January 2012 vs. the prior year. Exports of nonfat dry milk (NDM)/skimmed milk powder (SMP) fell just behind prior year levels, while exports of butter/milkfat and whey protein concentrate were both notably lower than one year ago, writes Alan Levitt on Friday 9th March.
12 March 2012
1 minute read
CME spot Cheddar block and barrel prices closed higher on active bidding – a single block offer was cancelled prior to the end of the spot session. There were no trades. CME spot Cheddar block prices settled at $1.4925/lb. and barrels at $1.5025/lb., up 0.75¢ and 3.0¢, respectively. The CME spot butter price closed unchanged at $1.4500/lb. with a single bid left on the board and no trades. CME NDM closed unchanged.
The World Agricultural Supply and Demand Estimates report, released today, showed an increase in the 2012 milk production forecast and a decrease in the estimated milk prices for the same time period. The average Class III price estimate was revised down from $17.05 to $16.65, -40¢ lower than last month, and the average Class IV price projection is $16.20, -45¢ less than the prior month.
Most NASS dairy product prices for week ending Mar. 3 were lower vs. the prior week. Only butter posted a gain, +0.50¢ vs. the prior week to $1.4242/lb. The NASS prices: Cheddar blocks $1.4873 (-0.67¢); barrels $1.5066 (-0.77¢); butter $1.4242 (+0.50¢); nonfat dry milk $1.3647 (+0.34¢); dry whey $0.6059. (-0.51¢).
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