US – February Class III milk closed down five cents to $23.10 and Class IV lifted 11 cents on a day which saw spot Cheese decrease further.
Spot market cheddar values both rest near $2 per pound following major price depreciations since the end of last week, according to Chicago Mercantile Exchange reports.
After a series of major falls, Cheddar Barrels posted 11.75 cent losses yesterday. Cheddar markets were supported by strong trade.
Spot prices peaked during the first week of February at $2.36 for Blocks and $2.32 for Barrels. Since last Friday (7 February), a steep decline has been seen.
The Block-barrel spread has switched from a positive differential to currently being almost -10 cents.
A similar rapid peak and decline was seen in Butter – currently running at $1.7500 - after a peak of $1.9400 around 22 January.
Nonfat Dry Milk Grade A standard edged 0.75 cents higher to $2.0550.
Summer and Winter Class III contracts closed higher – May up 14 cents. Class IV contracts closed higher with the April contract closing up 32 cents on a high of $22.06.
February Cheese and Whey futures closed unchanged on $2.2650 and $0.6295. Nonfat Dry Milk and Butter both lifted for February, up to $2.0625 and $1.8250 respectively.
Overall, Cheese futures closed mixed. March lost 13 cents and April gained 14 cents.
TheCattleSite News Desk