US – The Chicago Mercantile Exchange saw dairy futures step higher on Thursday as the spot floor reported strong milk powder demand.
Class III milk reported major gains with March ($22.23), May ($20.21) and June ($20.07) all lifting 31 cents. April closed 49 cents higher at $20.97.
More modest gains were seen across Class IV as several contract closed unchanged. March settled on $21.11 – up a cent – and April closed up 23 cents to $22.94.
Spot traders rallied to push milk powder, at eleven trades for the week, a cent higher at $2.0400, the Agricultural Marketing Service reported.
There is a suggestion that spot Cheddar may bounce higher after the recent price slip. Barrels closed unchanged on $2.2000 but Blocks were bid 0.50 cents higher at $2.2200.
Futures Cheese closed higher. March finished on $2.170 and April closed at the day’s high of $2.040.
Butter finished unchanged in the spot market, although lifted across the 2014 contracts. March closed on $181.000 and April a cent higher.
Dry Whey futures closed mixed. March gained value to $63.7500 while April slipped to $63.5000.
TheCattleSite News Desk
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