CME: Dry Weather Worries Producers

US - Based on preliminary information from the National Climatic Data Center, the contigous US experienced its 17th warmest and 40th driest February during the 118-year record period, writes Alan Levitt, on Wednesday 14th March 2012.
calendar icon 15 March 2012
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USDA’s “Weekly Weather and Crop Bulletin” released today, stated that signficant precipation recently bypassed the southern High Plains, which have been slow to recover from last year’s historic drought. Total precipitation was less than 50 per cent of normal in much of the Great Lakes region and the Southwest. The report also indicated that producers are concerned about lack of available moisture going into the upcoming crop season.

CME spot Cheddar cheese markets were exceptionally quiet today with no bids, offers or trades. As a result, block and barrel cheese prices closed unchanged at $1.5525/lb. and $1.5075/lb., respectively. Meanwhile the butter market was very active with 13 trades, ranging from $1.4850/lb. to $1.5075/lb. and two bids at $1.5075/lb. left unfilled. CME spot butter closed a penny higher at $1.5075/lb. Dairy futures firmed after cash butter trading. California Weighted Average NDM Price (CWAP) for week ending Mar. 9 averaged $1.3445/lb. on 14.0 million pounds. This is $0.0113/lb. less than the prior week.

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