Daily Dairy Trading: Major Price Fall Bubble Bursts for Cheese
US - Cheese has taken a hammering in the spot dairy market this week, seeing Blocks sink 18.85 cents.
11 April 2014
1 minute read
This is according to the Agricultural Marketing Service at the US Department of Agriculture which has reported a strong downwards trend for Cheddar values.
Barrels went unchanged yesterday but fell fifteen cents over Tuesday and Wednesday, arriving at $2.0750.
Cheddar is now well adrift of last month’s highs for Barrels - $2.3775 - and Blocks at $2.4325, although the Barrel chart has flat lined over the last two trading days.
The Block-Barrel spread now stands at nine cents.
On Wednesday, Non-fat Dry Milk plummeted 11 cents. A small recovery was reported yesterday leaving the price at $1.900 cents.
Meanwhile, Cheese futures were reported as largely static over Wednesday and Thursday, although major losses of five to eight cents were reported earlier in the week.
May Cheese has been around $1.84 and April has been around $1.93 before lifting 1.25 cents yesterday to $1.94.
Traders have seen Class III milk slip back, although nearer months showed resistance. The April contract closed two cents lower at $23.96.
May settled 23 cents down at $21.22 with June and July both down almost 50 cents to $19.
Class IV also reported losses after Monday and Tuesday reported mixed trade.
April and May gained to settle at $23.40 and $21.38.
Michael Priestley
TheCattleSite News Desk
