Market News

Cash cheese a little higher

A couple of unfilled bids pushed cash cheese higher on the Chicago Mercantile Exchange on Monday. Butter lost a nickel and nonfat dry milk declined 2.5 cents.  Class III futures for January slipped 19 cents, February lost 27 cents, March closed below $15 and June is below $16.

 

The last Global Dairy Trade auction of the year on Tuesday, HighGround Dairy says that while the whole milk powder market remains bearish, the rest of the market may have enough to push the overall index into the positive category for the first time since October. However, HighGround cautions there is still a lot of global dairy inventory to work through and it is going to take months to convince dairy producers to pull-back on production.

 

Cooperatives Working Together (CWT) has accepted 7 requests for export assistance to sell 1.268 million pounds of Cheddar, Gouda and Monterey Jack cheese to customers in Asia. The product will be delivered February through May 2015.

Year-to-date, CWT has assisted member cooperatives in selling 101.498 million pounds of cheese, 53.591 million pounds of butter and 56.729 million pounds of whole milk powder to 45 countries on six continents.