CME: Dairy Herd Up 96,000 Head From 2010
US - The cheese market found its bearings with two-sided trade in both blocks and barrels. Barrels traded a penny lower but were bid back to unchanged, writes Alan Levitt.
22 November 2011
1 minute read
Blocks traded three times at unchanged and once at a quarter-cent lower. Milk futures were 23¢ higher in the DEC-MAR contracts.
Spot butter was down for the 12th time in the last 14 days.
US cow numbers increased 9,000 head in October to 9.219 million, the highest since June 2009 (see chart). Overall milk production was up 2.1 per cent from a year ago, bringing year-to-date output to +1.6 per cent.
In October, major gains were posted in California (+79 million lbs. vs. a year ago), Texas (+72 million lbs.), New Mexico (+44 million lbs.) and Wisconsin (+37 million lbs.). The only state to register a significant loss was Pennsylvania (-15 million lbs.).
Supply growth continues in other parts of the world as well. In the third quarter, milk production in New Zealand was 7.8 billion lbs. (+10.5 per cent from last year), while production in Australia was 5.2 billion lbs. (+2.2 per cent) and output in Argentina was 6.5 billion lbs. (+12.5 per cent). EU production was up approximately two per cent in Q3.
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