Today's CME Prices
Cheeseheads at the CME, after absorbing Tuesday’s GDT downfall and yesterday’s Feb. Milk Production report, took the Cheddar blocks up another 0.75¢ this morning on an unfilled bid, to $2.4275/lb., another new record high. The barrels rolled down hill 0.5¢, to $2.30/lb., widening the spread to an unsustainable 12.75¢.Three cars traded hands this morning, the 1st sold at $2.33/lb., but the following sales brought it down to the close of $2.30/lb. An offer at $2.30/lb. was uncovered.
Butter, on 2 unfilled bids, gained another 0.5¢, a repeat of yesterday, and is now trading at $1.91/lb., 9¢ away from $2. An offer at $1.92/lb. was left on the board.
Grade A nonfat dry milk was unchanged for the 10th consecutive session, holding at $2.04/lb., with no activity.
"The nonfat market has been in a sideways grind for the past three sessions," says FC Stone’s Chris Hildebrand. "It is well supported by fundamentals, notably demand from China.”
Today’s Market Closing Prices:
Butter: Up 0.5¢, to $1.91/lb.
Cheddar blocks: Up 0.75¢,to $2.4275/lb.
Cheddar barrels: Down 0.5¢, to $2.30/lb.
Grade A nonfat dry milk: Unchanged, at $2.04/lb.
Class III milk: Mar. $23.33, -9¢; Apr. $23.05, -4¢; May $21.28, -6¢; & Jun. $20.55,
-12¢. Based on today’s CME settlements, the Second Quarter 2014 average now stands at $21.63, -7¢ from Wednesday. The 2nd half average is now at $19.51, -3¢ from Wednesday.