CME: Markets Mostly Lower Going Into Holiday

US - Cheese prices tumbled ahead of the extended Thanksgiving break, with both blocks and barrels down more than 20¢ in the last week, writes Alan Levitt.
calendar icon 24 November 2011
clock icon 1 minute read

Butter held steady at $1.61 after declining in 13 of the last 15 days. Milk futures were lower across the board, butter futures were quiet.

Cheese futures were down in the front months, mixed in the back months. Whey futures pulled back slightly. NDM futures were steady.

Whey prices were higher for the 31st straight week and NDM prices were steady in Dairy Market News’ weekly survey.

Dry whey from the Midwest is trading for mostly 61.0¢-64.5¢, up more than 40 per cent since late April.

NDM from the Western region is mostly $1.37-$1.46, says DMN. The market “is not as weak as was noted last week.

Producers are more comfortable with their inventory situation now and are not as aggressive in marketing their powder,” the report says.

The declining US cheese price has brought it closer to the world price. Oceania cheddar is priced at $1.60-$2.04, up slightly from two weeks ago, according to DMN (see chart).

Further Reading

- You can view the full report by clicking here.

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