CME: GDT Auction Prices Jump

US - Spot cheese prices fell to the lowest level since 13 October, writes Alan Levitt.
calendar icon 7 December 2011
clock icon 1 minute read

Blocks fell for the fifth consecutive day to end 4.75¢ lower at $1.6850 with two loads traded.

Barrel price fell 4.50¢ to $1.64 with 10 loads traded. Prices are hoving just above the lows set in October. A break below would put prices back to spring levels.

Butter was able to push 0.75¢ higher to match the barrel cheese price at $1.64. Trading activity slowed compared to the past week with four load changing hands.

After steady to higher milk futures over the past week, futures contracts succumbed to the underlying cash pressure ending the day steady to 18¢ lower. APR took the brunt dropping below $17.00 again. The average futures price for 2012 is $17.07.

Global Dairy Trade auction prices increased in all categories. The trade weighted index was up 2.6 per cent from the 15 November auction.

The weighted average price for SMP was $3,424/ton ($1.55/lb.), up 2.6 per cent; WMP was $3,637/ton ($1.65/lb.), up 2.0 per cent; AMF was $4,013/ton ($1.82/lb.), up 12 per cent and the highest since early September.

Cheddar cheese price was up 2.1 per cent to $3,572/ton ($1.62/lb.).

Further Reading

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