Thu, 23 Jan 2014
US – Soaring dairy values topped out on Wednesday, with losses seen across futures and spot market floors.
Significant Butter interest in the spot market drove spot price value 7 cents higher while dairy milk futures finally met resistance.
Wednesday’s Agricultural Marketing Service update reported 18 trades for spot market Butter, finalising at $1.9400 as Class III and IV milk closed down at $22.07 and $23.33 respectively.
Spot Cheddar prices lifted 2.75 cents leaving Blocks on $2.2700 and Barrels at $2.2425. February Cheese closed three cents lower at $2.1450
Nonfat Dry Milk also traded. Grade A dropped 1.75 cents to $2.0850 whereas unchanged Extra Grade reported three trades.
Spot Butter’s increase puts current values over 13 cents above the prior week average. February Butter, on the other hand, edged down from $1.9300/LB to $1.89025.