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DairyProfit Update for Sept. 10, 2012

CWT assists with 3.7 million lbs. of cheese and butter export sales

Cooperatives Working Together (CWT) accepted 11 requests for export assistance from Dairy Farmers of America, Darigold and United Dairymen of Arizona to sell 3.337 million lbs. of cheddar and Monterey Jack cheese, and 385,809 lbs. of butter, to customers in Asia and the Middle East. The product will be delivered September 2012 through February 2013.

So far in 2012, CWT has assisted member cooperatives in making export sales of 82.4 million lbs. of cheese. 57.1 million lbs. of butter and 123,459 lbs. anhydrous milk fat to 34 countries on four continents. On a butterfat basis, the milk equivalent of these exports is 2.008 billion lbs., equivalent to the annual milk production of 95,600 cows.

 

California Class 1 prices highest since December 2011

California’s October Class 1 milk prices are $20.55/cwt. (North) and $20.82/cwt. (South). Both are up $1.21 from September 2012, and the highest since December 2011, but 95¢ less than October 2011. Through the first 10 months of 2012, prices averaged $18.25/cwt. (North) and $18.52/cwt. (South). Both are down $2.47/cwt. from a year earlier.

 

October California Class 1 prices ($/cwt.)

Class 1

Oct. 2012

Sept. 2012

Oct. 2011

2012

Jan-Oct.

2011

Jan.-Oct.

North

20.55

19.34

21.50

18.25

20.72

South

20.82

19.61

21.77

18.52

20.99

Source: California Department of Food & Agriculture, Sept. 10, 2012

MARKETS: Butter down; Class III futures lower, too

Today's market closing prices:

Butter: down 1.0¢, to $1.8550/lb.

Cheddar blocks: unchanged, at $1.83/lb.

Cheddar barrels: unchanged, at $1.7750/lb.

Grade A nonfat dry milk: unchanged, at $1.70/lb.

Extra Grade nonfat dry milk: unchanged, at $1.6350/lb.

Class III milk: 1¢ to 44¢ lower through August 2013. Based on current CME closing prices, the average for September-December 2012 is $19.13/cwt.; the full year 2012 average is $17.20/cwt.; and the 2013 average is $18.62/cwt.

 

Corn, soybeans, meal lower

Corn: -2¢ to -16¢ through September 2013. The September-December 2012 average is $7.82/bu.; 2013 average is $7.37/bu.

Soybeans: -11¢ to -19¢ through September 2013. The September-November 2012 average is $17.16/bu.; 2013 average is $15.46/bu.

Soybean meal: -$4.40 to -$7.70/ton through September 2013. The September-December 2012 average is $522.53/ton; 2013 average is $437.75/ton.

 

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