Though spot butter prices held steady, the market was busy with trades, with 46 lots changing hands. That was the most for a single day since August and brought the weekly total to 79 loads. Meanwhile, CME cheese reversed recent trends. Blocks jumped to $1.9375 per pound, up $0.0575, while barrels advanced to $1.8900 per pound, 4.5 cents higher.
This week’s GlobalDairyTrade auction was relatively quiet, with offered volume unchanged versus the previous event. Milk powder prices dipped, with SMP down 1.8% to $2,745 per metric ton, or $1.25 per pound. WMP eased 0.2% to $3,553 per metric ton, or $1.61 per pound. Other commodities rose. Cheddar advanced 2.1% to $4,702 per metric ton, or $2.13 per pound and butter increased 1.4% to $6,495 per metric ton, or $2.95 per pound (adjusted to 82% butterfat).
Ireland’s milk output remained below prior-year levels in August, down 2.2% versus 2023. In the Southern Hemisphere, Uruguay’s production dropped 5.5% year-over-year. But Australia and Poland continue upward growth trends, with output climbing 2.8% and +3.5% on the year, respectively.
By Ever. Ag
October 15, 2024
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