The price was boosted to $2.23 per pound during a market session with six carload sales to raise the week’s total to eight sales. There was an additional unfilled bid to buy one carload along with an uncovered offer to sell one carload.
Grade A non-fat dry milk joined the price increase party on Wednesday with 3.75 cent gain for a closing price of 95.75 cents per pound. Two carloads were sold to put the week’s total at nine sales and a bid to buy one carload was not filled.
Cheese downturn
In a trend that started earlier in the month, Cheddar cheese prices continued to be headed downward on Wednesday of this week. Both Cheddar blocks and barrels lost 2 cents per pound in the day’s trading session.
Cheddar blocks closed at $1.76 per pound during the sale of four carloads and an unfilled bid to buy one carload. The block price had lost 15.5 cents per pound since November 22.
Except for one trading session during the three weeks through Wednesday of this week, Cheddar barrels posted a loss. The closing price of $1.6350 per pound was a setback of 22.5 cents since November 8. Six carloads of barrels were sold on Wednesday to raise the week’s total to 16 sales and an offer to sell one carload was not covered.
Futures markets
Despite the day’s downturn for Cheddar cheese prices, low double digit per hundred gains appeared in the Class III milk futures prices for four of the next seven months in trading through early afternoon on Wednesday.
Trading prices included $16.98 per hundred for December along with $16s for all but four other months through November of 2018. Those months are August through November of 2017 – all with Class III futures in the very low $17s per hundred.
Dry whey futures also posted gains for a few upcoming months on Wednesday. Prices ranged from a low of 39.5 cents per pound for December to a high of 42.325 cents for June of 2017.
Current prices
The national Class I fluid milk base price for December is $16.88 per hundred. This is an increase of $2.10 from November.
Based on prices in the final trading sessions for Class III milk futures for November, the price should be close to $16.75 per hundred for the month, which would an increase of $1.93 from October.
Source: WisFarmer
Link: http://www.wisfarmer.com/story/news/2016/11/30/butter-price-highlight-active-market/94682248/
