Daily Dairy Trading: Bidding Lifts in Spot Market as Futures Report Steady Prices18 October 2013
US - Bidders capitalised on spot value butter this week with six trades posted yesterday as the market finalised at $1.5000, Thursday.
This follows consecutive price drops and lies closely to the Cheddar block pattern this week, which has witnessed a lift in trade after a midweek price fall.
Six trades were reported as Butter spot values closed two cents lower, leaving 15 lots traded for the week.
Cheddar prices parted further, finishing Thursday's trading with a 8.25 cents gap as Blocks closed 1.25 cents higher to $1.8475 and Barrels fell 1.25 cents $1.7650.
A small increase was confirmed in Nonfat Dry Milk - up 0.25 cents. However, no trades were noted as Grade A standard Dry Milk closed at $1.8525.
Dairy futures analysts reported a one cent drop in October Class III Milk, back to $18.23. The Class IV contract dropped a further two cents to hit $20.24, down six cents on the week overall.
October Cheese continued building steadily, adding to the price of $1.7950 to $1.7980.
Elsewhere, Whey continued flatlining on $0.5835, as did Nonfat Dry Milk on $1.8328. Butter has been steady at $1.5575 after falling 0.75 cents on Wednesday.
TheCattleSite News Desk