Dairy Markets Week in Review
Cash dairy prices were the center of attention in the shortened Memorial Day week as the industry awaited the arrival of June Dairy Month and the burst in the cheese price bubble which came Thursday.
Blocks fell 7 1/2-cents, ending almost 14 consecutive gains, but recovered 2 cents on Friday, to close at $2.23 per pound, down 5 1/2-cents on the week but 34 3/4-cents above a year ago. Barrel closed at $2.20, down a nickel on the week but 29 cents above a year ago. Four cars of block traded hands on the week and five of barrel. The NASS U.S. average block price hit $1.9925, up 3.6 cents. Barrel averaged $2.0167, up a nickel.
The CME’s Daily Dairy Report points out that Oceania Cheddar is selling at $2.18-$2.36 per pound and that U.S. Cheddar has been selling below Oceania levels since August, helping fuel U.S. cheese exports.
Cash butter closed Friday at $1.48, down a penny on the week and 6 1/2-cents below a year ago. Fourteen cars traded hands on the week. NASS butter averaged $1.4646, up 3.1 cents. NASS nonfat dry milk averaged $1.3144, up 2 cents, and dry whey averaged 27.69 cents, up 0.4 cent.
Provided courtesy of Dairyline.