Daily Dairy Trading: Milk Futures Continue to Rise, Wednesday16 January 2014
US – January dairy futures showed no signs of letting up yesterday, while spot markets reported a mixed bag.
Butter gained three cents in the spot market as Cheese, Whey and Class III and IV milk all crept higher at the CME.
The Agricultural Marketing Service spot market report detailed that Butter closed on $1.7700 as both standards of Nonfat Dry Milk closed lower.
Grade A dropped 0.50 cents down to $2.0650 and Extra Grade lost 1.25 cents to $2.0675.
Currently, a nine cent gap separates Butter’s present value and last week’s average.
Futures in Chicago ended with Class III and IV milk closing up 11 and four cents to $20.83 and $22.09.
Class III milk finished near highs of $20.84. The February contract closed well adrift of the high of $21.23, at $21.04.
January Butter finished on $1.6153, up from $1.607.
TheCattleSite News Desk