Tue, 28 Jan 2014
US – February Class III Milk closed 33 cents higher, settling on a contract high of $22.78 on Monday.
March crept back towards highs of $21+ yesterday, lifting 29 cents to $20.76 on a day for near contract gains.
Class IV milk futures continued plateauing, settling unchanged or with small losses after pronounced losses early last week saw all near and spring contracts dip.
January and February closed unchanged on $22.25 and $23.21. March edged lower to $23.03.
February Butter futures settled unchanged on $189.00. March and April posted losses either side of a cent to close on $185.950 and $184.250.
Butter values have met resistance after a steady rise a fortnight ago and near contracts are trading around the mid $180’s.
Group spot price Butter is slightly above this at $1.9000, according to Agricultural Marketing Service reports, which reported a slow start to the trading week.
This means butter, after lifting one cent, is par for the prior week average.
Both Cheddars settled unchanged on highs of $2.3100 and $2.2750, above last week’s average.
Nonfat dry milk Grade A standard also closed unchanged on $2.0500, slightly back on last week’s highs.