CME: Spot Butter Continues to Lose Ground

US - CME spot butter dropped 2.75¢ on a single offer and settled at $1.4775/lb. Already under pressure, cash settled butter futures traded limit down in some months. CME Cheddar blocks and barrels had an active trading session. The markets closed unchanged at $1.4900/lb. and $1.4600/lb., respectively. There were four block and three barrel trades, writes Alan Levitt on 29 March 2012.
calendar icon 30 March 2012
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According to USDA’s “National Drought Summary” released yesterday, rains received this week have helped moderate drought conditions in some areas, including southern Kansas and northern Minnesota.

However there has been little relief to key corn and soybean growing regions as dry and warm weather conditions persist throughout most of the Central, Midwest and North Plains regions. Drought areas in the Midwest region, continue to have higher temperatures than normal (+15° to 25°F). There are reports that some corn farmers in Iowa are beginning to put seed in the ground which is a month earlier than normal.

USDA’s Dairy Market News weekly surveyed “Mostly” dry product prices were unchanged to lower this week. The Central dry whey mostly range is 57.0¢ to 63.0¢, down 2.5¢ on the low end and down 1.0¢ on the high end.

The West dry whey mostly range is 48.0¢ to 56.25¢, down 2.25¢ on the on the high side of the range. The Central/East NDM mostly range is $1.21/lb. to $1.33/lb., 2.0¢ lower on the high end. The West NDM mostly range is $1.18/lb. to $1.32/lb., down 2.0¢ on both the low and high sides of the range.

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