US – The spot market reported major losses in Cheese on Friday after an extended run of week on week gains and high prices.
Last week’s Group Spot Dairy Product Prices reported 9 cent losses for Cheddar Blocks and Barrels at the Chicago Mercantile Exchange.
Cheddar Blocks closed on $2.2325 - a loss of $2.2325
Barrels finalised on $2.2050, 9.5 cents lower, with both commodities lower than the prior week average.
Spot Butter reported 28 trades for the week as downwards price action left Friday’s value of $1.8200 three cents down from Thursday. This followed Monday’s close of $1.8900.
The prior week average was over three cents higher than last week.
Class IV futures closed mix. February made seven cent gains and March finished unchanged on $23.18 and $22.59 respectively.
Class III futures posted losses up to July, which increased one cent. February and March both closed over 30 cents lower on $22.87 and $20.72 as March closed on $19.44, 25 cents lower.
The CME Butter contract closed lower from March into the autumn, although closed unchanged for February on $182.80. Since mid-January, contracts have posted losses, stabilising over the past few trading days.
The front month contract is still trading at a ten cents premium to March and April at $173.50 and $171.525 respectively.
Cheese contracts closed mixed. Near months reported losses with May slightly higher and June unchanged.
March settled at $2.037 and April at $1.906.
TheCattleSite News Desk