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.
24 November 2011
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
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