Market News

GDT index up, CME cheese down

Cash cheese slid on the Chicago Mercantile Exchange on Tuesday, barrels lost 11 cents while blocks were down 6 cents. Class III futures were a little lower. Nonfat dry milk lost 3.25 cents and butter held steady.

Another increase at the Global Dairy Trade auction Tuesday. The overall index increased 9.9 percent to the highest it has been since last March.

Butter declined 2.3 percent from the September 15^th sale while all other products were higher. Cheddar cheese added a half-percent, rennet casein increased 4 percent, lactose was 5.9 percent higher, anhydrous milkfat was 9.9 percent higher, whole milk powder gained 12.9 percent, skim milk powder increased 13.4 percent and butter milk powder was 13.8 percent higher.

This is the fourth-consecutive increase in the overall index since it bottomed-out on August 15^th.

Volume was more than 35,200 metric tons sold.

 

U.S. Ag Secretary Tom Vilsack says the Trans Pacific Partnership offers opportunities for U.S. dairy producers. The Secretary says besides opportunities for traditional products like cheese, powder and fluid milk, there is room for growth in yogurt and other value-added, innovative products. Besides the obvious markets in Canada, Japan and Australia, Vilsack says there is growth potential in Vietnam and Malaysia.

Vilsack talks about the dairy provisions: