US – Cheddar Barrels rocketed to record levels after frantic spot floor bidding finished Monday’s trading six cents higher.
The price of Cheddar Barrels settled at $2.3775, just ahead of April Cheese futures which closed at $2.3340, according to the Agricultural Marketing Service at the US Department of Agriculture.
This came on a day when, barring Grade A Non-fat Dry Milk, all spot prices closed higher, as dairy futures presented a more mixed bag.
Spot floor demand was greater for 500 pound barrels than 40 pound blocks, which registered one bid on the spot floor, lifting 0.5 cents to $2.4325.
Spot Butter moved closer to the elusive $1.95 mark, closing 2.5 cents higher to $1.9450 after reporting light trading.
Class III milk saw near month gains in the futures market and losses thereafter with September and November both closing down 13 cents. April and May closed up 56 and 35 cents on $24.09 and $22.09 respectively.
Class IV futures closed lower with April at $23.38 and May on $22.39.
April Cheese edged higher to 190.000 as contracts made gains until November, which held on 181.025 cents.
Milk Powder contracts closed lower. May and June both slipped over three cents to 192.500 and 182.735 cents. April edged lower to 202.750.