Daily Dairy Trading: Markets Close Mixed, Wednesday
US – Dairy markets closed mixed on Wednesday as Butter reported strong interest from the Chicago Mercantile Exchange spot floor.
27 February 2014
1 minute read
Futures were mostly lower for Class III and IV milk at the close after significant losses the day before.
Spot market Butter saw 10 trades push the value down 1.5 cents to $1.7800. Grade A Nonfat Dry Milk was also lower – down four cents to $2.0300, the Agriculture Marketing Service reported.
Butter has dropped consecutively this week, although is still averaging $1.7917, over 2 cents above last week’s average of $1.7763.
In the futures market, it finished mostly higher. March Butter gained 0.5 cents closing at $1.7850 per pound and April and May contracts both finished a cent up.
Spot Cheddar prices lifted over two cents. Blocks closed on $2.2150 and Barrels on $2.2000.
This was reflected in gains for the March Cheese futures contract, up nine cents to $2.1459. Losses were seen across longer contracts with April and May down 35 and 19 cents respectively.
March Whey finished unchanged on $0.6325 and March Nonfat Dry Milk finished on $2.0648.
TheCattleSite News Desk
