US – Class III milk settled lower as Cheddar continued it rampant start to 2014.
Cheddar maintained persistent gains yesterday, lifting another two cents as spot market losses were reported for other commodities.
Two cent gains put Blocks and Barrels 34 and 30 cents above the $2 mark after flat-lining around $2.16 (Barrels) and $2.20 (Blocks) through the second week of January.
A four cent margin sees Blocks on top, the Agricultural Marketing Service reported.
Butter lost ground, ending trading half a cent lower at $1.8950.
However, the biggest losses were reported by Nonfat Dry Milk which sold fast while reporting 2.25 cent losses at $2.0525.
Contracts closed narrowly mixed for Class III. January and February contracts both closed down a cent as March closed on $20.96, seven cents higher.
Class IV reported small gains for the front three months. February and March closed on $23.40 and $23.12 respectively.
April to June contracts all closed 22-33 cents higher.
Butter prices closed lower with January unchanged and contracts up to and including April all down a cent or more. February Butter finalised at $1.8800.
February Cheddar crept to $2.2370. The March contract also closed higher.
Elsewhere, Whey settled lower on$0.6250/pound and Nonfat Dry Milk closed up to $2.0300.
TheCattleSite News Desk