Dairy Markets Week in Review
The cash market viewed the Milk Production report as bullish because it was a bit below expectations, according to the CME’s Daily Dairy Report. Block cheese ended the week at $1.20, up 3 cents on the week, but 32 3/4-cents below a year ago. Barrel closed Friday at $1.19, up a penny on the week, but 32 cents below a year ago. Six cars of block were sold and four of barrel. The NASS U.S. average block price hit $1.1521, up 0.2 cent. Barrel averaged $1.1377, down 0.1 cent.
Butter closed Friday at $1.1775, unchanged on the week, but 26 1/2-cents below a year ago. Only three cars were sold. NASS butter averaged $1.1704, up 0.8 cent. Price support purchases for the week amounted to 5.5 million pounds of nonfat dry milk and raised the cumulative total to 38.7 million, compared to 31.8 million pounds a year ago.
Provided courtesy of Dairyline.