Daily Dairy Trading: November Class III Milk Contract Reports Losses, Monday22 October 2013
US – The Chicago Mercantile Exchange reported losses for November Class III milk, down six cents to $18.26, as the October contract closed largely unchanged on $18.24.
This coincided with spot price fall of 0.25 cents for Cheddar Barrels which widened the Cheddar gap 9.75 cents, while Blocks stayed unchanged on $1.8575.
As they stand, Block prices are buoyant and above the prior week average after a week of gains, whereas Barrels have taken a dip below last week’s mean of $1.7730.
The front month contract for Cheese finished on $1.8020. This is over three cents below Nonfat Dry Milk, which closed on $1.8340.
Butter was another spot market mover, closing up 1.75 cents at $1.4650. October butter settled at $1.5425.
TheCattleSite News Desk