Mon, 27 Jan 2014
US – An already high February Class III milk contract made further gains on Friday, closing up ten cents to $22.45.
This put the contract above Tuesday’s high of $22.40 after Wednesday’s losses.
January Class III milk was steady last week, staying around $21. Similarly, March Class III futures met resistance after spiking above $21, now around $20.46.
Class IV remains 50 cents to a dollar higher than Class III. Class IV closed on $23.21 after opening the week on $23.56.
Dry Dairy February futures reported a mixed trade on Friday. Butter was the biggest mover, up 3.8 cents to $1.8900. Cheese edged higher to $2.1900/pound.
Whey closed lower on $0.6270 and Nonfat Dry Milk made small ground, up to $2.0253 from $2.0250.
Spot markets closed the week with huge demand for Butter, registering 24 trades, and Grade A Nonfat Dry Milk with 25.
This led to a fluctuation in spot prices for both goods, Butter finishing the week two cents higher than Monday’s close on $1.8900 and Grade A down slightly to $2.0500.
Extra Grade finished unchanged through the week.
Spot price Cheddar lifted again, Blocks up 1.50 cents to $2.3100 and Barrels up 1.75 cents to $2.2750.
This kept both prices a cent ahead of the prior week average.