US – Cheese futures edged higher while the spot market reported massive losses, according to the Chicago Mercantile Exchange daily report.
Cheddar Barrels plummeted 7.5 cents after one offer of $2.1500. The spot floor also reported a 3.5 cent loss for Blocks which closed at $2.2650.
This put spot Cheddar well adrift of last week’s values. Barrels averaged $2.2410 with Blocks averaging $2.3855.
The Agricultural Marketing Service reported no change elsewhere on the spot floor.
Cheese futures gained across 2014 with July being the exception, slipping to $1.970.
April and May Cheese was quoted at $2.238 and $2.102 respectively.
Class III reported gains in the front three months and closed thereafter with prices backing away from the day’s highs. May settled 15 cents higher at $21.58 and June lifted to $20.60.
April Class IV milk settled at $23.28 – up three cents. May, July and August all slipped. Little price action was reported beyond summer months.
Milk Powder contracts closed lower. April finished on $2.01.
TheCattleSite News Desk
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