Market News
Dairy markets varied this week
Cash cheese blocks slipped 1.25 cents on the Chicago Mercantile Exchange on Wednesday, barrels held steady, nonfat dry milk lost 3.25 cents and butter gained 2 cents. Class III futures slipped with the April contract going under $16 again.
Midwest cheese production is even with milk production with little extra milk available. Northeastern cheese production is steady while in the West, cheese production is steady to lower following the usual trend for this time of year. Dairy Market News says demand is strong but the variable prices on the CME this week have added some instability to the market. Buyers are trying to determine when would be the best time to pull the trigger on holiday purchases. Cheese makers note the four consecutive increases at the Global Dairy Trade auction have narrowed the gap between the U.S. and global cheese price. That has eased the pressure from imports a little.
National Dairy Products Sales Report for the week ending October 3rd; cheddar cheese blocks averaged $1.69 per pound down 2.5 cents from the previous week. Barrels were 4.4 cents lower at $1.60, butter increased 22.2 cents to $2.87, nonfat dry milk increased 3.9 cents to 87.6 cents per pound and dry whey nudged 0.9 cents higher to 24.3 cents.
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