CME: US NDM Exports to Mexico Increase

US - Mexico accounted for almost 39 per cent of US nonfat dry milk (NDM)/ skimmed milk powder (SMP) exports during January 2012. NDM/SMP exports to Mexico increased 51.5 per cent, or 11.3 million pounds, to 33.2 million pounds in January 2012 vs. January 2011.
calendar icon 14 March 2012
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Unfortunately this gain was not enough to offset the year-over-year decline of 13.6 million pounds in US exports to the Phillipines, Indonesia and Vietnam. Total US NDM/SMP exports reached 85.3 million pounds in January 2012, up 11.1 million pounds vs. December 2011, but down 0.8 per cent, or 721,750 pounds, vs. January 2011.

Fonterra recently lowered its estimated farmgate milk price from NZ$ 6.50/kg of milk solids to $6.35/kg milk solids for milk marketed between August 2011 and July 2012. A New Zealand milk price of NZ$ 6.35/kg milk solids is equivalent to about US$ 17.60/cwt for milk containing 4.7 per cent butterfat and 3.5 per cent protein. Converted to typical US milk components of 3.5 per cent butterfat and 3.1 per cent protein, the New Zealand milk price converts into US price equivalent of approximately $14.70/cwt.

The CME spot Cheddar barrel cheese price was bid 4.5¢ higher to $1.5525/lb. while the block price settled at $1.5075/lb., up 1.5¢. There were no trades in either the barrel or block markets. The block market is now at a 4.5¢ discount to the barrel market. Class III futures settlements were mixed. The CME spot butter settled 3.0¢ higher at $1.4975/lb. after a single trade. Butter futures closed mostly unchanged.

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