Daily Dairy Trading: Spot Markets Lower, Futures Higher, Friday
US – Spot markets closed unchanged on Friday following smaller price action on Thursday to round off a week of major losses.
17 February 2014
1 minute read
Future price contrasted this by closing mostly higher.
Butter lifted two cents on Thursday from $1.7500 to $1.7700. This is almost 10 cents down from a prior week average of $1.8660, say Agricultural Marketing Service statistics.
Cheddar spot market values are 30 cents lower going into the new week. Blocks settled at $2.1050 selling a weekly volume of 24, down from a prior week average of $2.3215.
Barrels finished the week on $2.1035 with 16 trades reported– down from $2.2930.
Nonfat Dry Milk closed on $2.0200, marginally up on the week before at $2.0150.
In the futures market, the Chicago Mercantile Exchange reported week on week gains for February Milk, Cheese, Nonfat Dry Milk and Whey as Whey closed unchanged on $0.6295.
Class III closed on $23.14, up two cents on Thursday, along with most other months. The biggest gains were seen for April and May, up 21 and 1 cents respectively.
Friday’s Class IV trading resulted in mainly small gains. Along with every other 2014 contract other than June, the February Class IV closed higher.
February Class IV posted seven cent gains, closing on $23.35.
Michael Priestley
TheCattleSite News Desk
