UK – Traders returned from the long weekend with little appetite for spot trading while dairy futures closed mostly higher.
Tuesday's Class III and IV contracts closed higher with the front month unchanged on $23.14 and $23.35, according to the Chicago Mercantile Exchange.
Class III’s biggest gains came from March, up 22 cents, and April, up 46 cents. Small to medium gains were reported were reported for Class IV with bigger gains through summer contracts peaking with August, up 21 cents.
February Cheese finished unchanged at $2.2650. As a whole, the market closed higher.
Near Butter contracts edged higher or finished unchanged. From July to the rest of 2014 contracts closed lower. February Butter closed on $1.8400.
Nonfat Dry Milk closed higher while Dry Whey futures closed lower or unchanged.
The Agricultural Marketing Service reported Cheddar spot values continue to slide. Blocks fell 0.25 cents with one bid and Barrels slipped half a cent leaving prices on $2.1075 and $2.0675 respectively.
This extends the decline Cheese has seen for Blocks and Barrels which both peaked in late January at over $2.30.
TheCattleSite News Desk