US – Spot market Cheddar prices continued soaring, up a further cent for Blocks which settled at $2.3200 per pound on Tuesday.
Barrels made smaller gains of 0.5 cents, finishing on $2.2800, the Agricultural Marketing Service reported yesterday.
The price hike leaves Cheddar above last week’s average values of $2.2794 and $2.247.
Limited trading led to Butter closing unchanged on the high of $1.9000. Grade A Nonfat Dry Milk settled 2.5 cents higher to $2.0750.
February Class III milk closed up 14 cents to $22.92. Other futures contracts finished with moderate gains.
Near term contracts gains were led by April, up 21 cents to $19.78 and creeping back towards the contract highs of over $20. March stepped up 13 cents to $22.92.
January continued to phase out with minor gains at the $21.05 mark.
As for Class IV milk, smaller gains were reported, February up 14 cents to $23.35 and March up 7 cents to $23.10 were the most notable.
All 2014 contracts finished higher, barring January which lost a cent.
Near term butter futures have showed flatter charts this over recent days and closed the day with little to report.
January and February were both unchanged, although March lifted one dollar.
TheCattleSite News Desk