CME: AMS to Take over Weekly Price Surveys
US - USDA has issued a final rule to implement changes in the weekly dairy product price survey, writes Alan Levitt.
16 February 2012
1 minute read
Beginning April 4, survey prices will be published by 2pmCT on Wednesday each week. Data will be collected by AMS, rather than NASS. These prices will be used in Federal Order formula pricing starting with announcement of the May Class I base price on April 18.
Blocks increased a half-cent today on two unfilled bids, while there was no activity on blocks. Spot butter traded five times, settling a quarter-cent lower. Class III, cheese and whey futures were higher today. Butter futures were mixed. Prices were lower on the semi-monthly Global Dairy Trade auction. The weightedaverage price for SMP was $3,259/ton ($1.48/lb.), down 2.6% from the Feb. 1 event.
Winning prices for WMP averaged $3,421/ton ($1.55/lb.), down 3.0%. The weightedaverage price for AMF was $3,546/ton ($1.61/lb.), down 10.5%. Cheddar cheese was $3,559/ton ($1.61/lb.), down 2.3%.
The overall trade-weighted index was off 3.0% from the previous event, and down more than 20% from a year ago (see chart) . The California Weighted Average NDM Price (CWAP) for last week was $1.3790, up 1.7¢ from the prior week. Sales volume was 10.7 million lbs.
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