US – Wednesday’s futures markets closed with little price movement in the front month contracts but gains for most commodities from March to the year end.
This was mirrored in the spot market which reported unchanged prices for Cheddar and Butter amid light bidding, according to the Agricultural Marketing Service.
Nonfat Dry Milk gained 1.25 cents, up to $2.0425.
As of Wednesday’s close, no quantities of Butter or Cheddar Blocks had been traded. The few sales registered had been for Cheddar Barrels (3) and Nonfat Dry Milk (6).
Class III and IV February Milk contracts closed unchanged on $23.14 and $23.35 respectively.
Large steps were seen around April to June though. Class III shifted 20 cents higher and Class IV lifted 51 cents for May.
The Chicago Mercantile Exchange also reported gains for Cheddar for the rest of year. The February contract finished unchanged on $2.265.
The front two months for Nonfat Dry Milk are tied on $2.065 after March edged a cent higher. All other contracts closed four cents up, leaving the April contract on $202.100.
There was little change in the Dry Whey market. November made small gains, closing on 55.6 cents per pound. March and April are now leading the pack, both on 63 cents or more.
TheCattleSite News Desk