Cash CME Butter Price Sets New Record HighPrint
Cash butter set a new record high in a second week of gain, pole vaulting 26 cents last week, and added another 16 1/4-cents this week. And that despite a bearish July Milk Production report showing milk output up 4 percent.
The cash Double A butter price closed Friday at $2.8225 per pound, a whopping $1.4275 per pound above a year ago, and topped the all time record high of $2.81per pound in September 1998 by 1 1/4-cents. Thirty nine carloads traded hands this week, compared to 59 last week, and 37 the week before that. NDPSR butter averaged $2.4143, down 5.3 cents.
The 40-pound block Cheddar closed Friday at $2.2625 per pound, up 4 1/4-cents on the week and 59 1/4-cents above a year ago when they dropped almost 11 cents. They have gained 29 1/4-cents in the past four weeks. The 500-pound Cheddar barrels finished at $2.26 per pound, up 5 cents on the week, and 61 3/4-cents above a year ago when they plunged 12 1/4-cents. They have gained 30 3/4-cents in four weeks. Nine cars of block traded hands this week and no barrel. The NDPSR-surveyed U.S. average block price hit $2.0397, up 2.4 cents, while the barrels averaged $2.1175, up 7.3 cents.
Cash Grade A nonfat dry milk was the sore spot in the market and saw a third week of daily drops, closing Friday at $1.30 per pound, down 9 3/4-cents on the week and the lowest it has been since July 19, 2012. It has lost 35 cents in three weeks. NDPSR powder averaged $1.8118, up 2 cents, and dry whey averaged 68.84 cents per pound, down 0.9 cent.