CME: 2011 A Record High Year For Dairy Exports

US - Barrels settled a quarter-cent higher on two-sided trade in a very active session, writes Alan Levitt.
calendar icon 12 December 2011
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Support was less evident on blocks, which traded 2¢ lower. First quarter Class III futures sold off, falling 32¢ to erase any premium in futures vs. current spot prices.

Whey futures were mostly higher today but finished lower on the week. NDM futures rallied to close at new highs from MAR12 out. Butter futures were mixed this week.

In October, US dairy export volumes of milk powders, whey, lactose, cheese and butterfat were 127,451 tons (281.0 million lbs.), down two per cent from September (daily-average basis) and down 9.1 percent from a year ago, according to trade data released this morning by USDA/FAS. It was the 15 th straight month aggregate volumes of the selected products were above 125,000 tons (see chart).

Shipments of SMP/NDM, the largest US export category, were 34,501 tons (76.1 million lbs.) in October, down 13.6 per cent from September, and down 30.1 per cent from the record-high levels of a year ago.

Cheese exports were 16,905 tons (37.3 million lbs.), up 8.5 per cent from September, and up 22.2 per cent from a year ago.

In the first 10 months of the year, US dairy exports were valued at $3.96 billion, 29% higher than last year, according to USDA. This is already a record-high figure for a full year, even with two months to go in 2011.

NASS dairy product prices for the week ending 3 December: cheddar blocks $1.8807 (-0.79¢ vs. the prior week); barrels $1.9127 (-6.18¢); butter $1.6284 (-1.83¢); nonfat dry milk $1.4422 (+3.17¢); dry whey 64.70¢ (+0.41¢).

Further Reading

- You can view the full report by clicking here.

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