CME: Markets Steady Over Christmas
US - The dairy markets are generally steady heading into the final days of the year, writes Alan Levitt.
22 December 2011
1 minute read
More milk is available for manufacturing during the holiday period. Barrels traded a half-cent higher this morning. Blocks were unchanged on an uncovered offer. Spot butter settled unchanged on two trades. Milk futures were mixed, ranging from 5¢ higher to 5¢ lower. FEB and APR Class III futures hit new highs. Butter futures were up 1.0¢ in the JANJUN12 contracts.
Corn futures have rallied this week on concerns about dry weather in Argentina, the world’s second largest corn exporter (the United States is the largest). MAR corn closed at $6.16 today, up 37¢ from last Thursday.
The California Weighted Average Price (CWAP) for NDM is $1.4254, down 1.2¢ from last week.
The November cheese and butter inventory report comes out tomorrow afternoon.
New Zealand milk production was a record-high 2.89 million tons (6.37 billion lbs.) in October, up 9.5 per cent from a year ago. Production was up 10.4 per cent in the June-October period.
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