CME: New Crop Butter Up 6.75 Cents

US - Today marks the first trading day that requires butter sold on the CME spot market be produced after 1 December 2011, writes Alan Levitt, in Thursday's dairy report.
calendar icon 2 March 2012
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Butter produced after Dec. 1, 2011 can be traded at the CME until Feb. 28, 2013. After three trades, the CME spot butter price settled 6.75 cents higher at $1.4650/lb., the highest level since Feb. 2. Butter futures also settled higher.

CME cash Cheddar block and barrel prices closed unchanged at $1.4875/lb. and $1.5000/lb. There were two bids for blocks and a single bid for barrel cheese with no sales.

Nonfat dry milk (NDM) prices moved slightly lower within the “mostly range” but more dramatically within the entire survey range, according to DMN “Dry Products Price Summary,” released this morning. The Central and East NDM “mostly range” fell a penny on both the low end and high end (range $1.30/lb. to $1.40/lb.), while the entire range was from $1.20/lb. to $1.45/lb. That was 7.0 cents lower on the low end and 4.0 cents lower on the high end.

Interestingly, the low end of the Western range is 1.23/lb., 3.0 cents higher than the Central/East range. The West “mostly range” is unchanged on the low end and down 1.5 cents on the high end (range $1.28/lb. to $1.36/lb.). DMN notes that several NDM resellers are offering discounts to the market. DMN ranges include first point of sales and not resales.

USDA will release the “Dairy Products Prices” and “Dairy Products” reports on Friday at 8:30am EST and 3:00pm EST, respectively.

Further Reading

- You can view the full report by clicking here.

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