US – Spot markets and milk futures were largely static to open the week, reports the Chicago Mercantile Exchange (CME).
March closed with the Block-Barrel spread at +9.5 cents per pound, having spent most of the month as a positive figure.
Spot markets reported one price mover. A single offer reported for Cheddar Barrels – down four cents to $2.2500, according to the Agricultural Marketing Service daily cash trading report.
Quiet spot activity follows a dip in cheddar values leaving Blocks – unchanged on $2.4160 - below the prior week average of $2.4160 and Barrels over eight cents adrift of last week's $2.3355 price.
Cheese futures followed suit, closing mixed with losses reported later in the year.
April Cheddar closed down to $2.306 and May edged higher at $2.108.
It was also a quiet day for milk futures as Class III closed mixed with restrained price action and Class IV unchanged.
Class III front month contracts settled with minor gains but losses were reported from June onward, barring July which closed unchanged on $20.30.
Class IV April milk settled unchanged at $23.52 and May held at $22.44 among light trading.
Butter also reported a mixed close. April Butter settled unchanged at $1.9200 while May and June slipped closing on $1.88300 and $1.87250 respectively.
The biggest Butter gain came from August – up 2.75 cents to $1.88750.
Milk powder futures closed lower. April and May both slipped over 7 cents to $2.03250 and $1.93500 respectively.
TheCattleSite News Desk