CME: US Moving NDM/SMP Offshore
US - In the spot markets yesterday, cheese was unchanged, butter was lower for the seventh straight day and nonfat dry milk (NDM) was mixed (extra grade NDM was offered a dime lower while grade A was bid a quarter-cent higher), writes Alan Levitt.
11 November 2011
1 minute read
Milk and whey futures were mostly higher, butter futures were mixed.
US NDM/skimmed milk powder (SMP) exports exceeded 65 million lbs in September for the 17 th straight month.
During that stretch, monthly shipments have averaged 82.1 million lbs. (see chart). October’s volume – 85.2 million lbs – was the highest of the year (30-day-month basis).
California Class one prices for December are $20.67 in the north (up 41¢ from November) and $20.94 in the south (up 40¢).
For the full year, the prices averaged record highs of $20.68 and $20.95, respectively. Federal Order Class I prices for December come out Friday 18 November.
CWT accepted bids to provide export assistance on sales of 2.1 million lbs of cheese for delivery through May. Year-to-date acceptances total 81.0 million lbs.
NASS dairy product prices for the week ending 5 November: cheddar blocks $1.7255 (+0.29¢ vs. the prior week); barrels $1.7588 (+1.77¢); butter $1.8393 (+1.03¢); nonfat dry milk $1.4723 (-1.47¢); dry whey 63.22¢ (+0.84¢).
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