Fri, 31 Jan 2014
US – Cheese is continuing to soar in the spot markets, adding another 1-2 cents by the close on Thursday.
Barrels closed up 2 cents to $2.3200 and Blocks closed 1.5 cents higher at $2.3550, reports the Agricultural Marketing Service at the US Department of Agriculture.
Gains have been the theme for the week with Blocks six cents and Barrels five cents ahead of last week’s average.
Minor alterations were reported in both Butter – at $1.8925 – and Nonfat Dry Milk Grade A - $2.0550. Bidding reports yielded 10 big and six trades for NDM.
Class III February and March Milk closed up 38 cents and 57 cents respectively taking prices to $23.29 and $21.53.
Class IV closed lower for January and February with longer contracts edging higher.
The February contract closed at lows of $23.30 after opening on a high of $23.50.
Cheese futures closed higher with the bulk of ground being made across March. February closed on $2.285 and March on $2.097.
Two other dry dairy products, Whey and Nonfat Dry Milk, closed slightly higher - $0.6275 and $2.0320 respectively.
Butter futures closed lower up to November. The February contract closed on $187.750 and March finished at $183.500.
Corn continued to show more stable prices since the middle of the month. March corn closed at $4.3350/bushel and May closed at $4.3850/bushel.
March and May Soybean meal both closed higher reaching $425.20 and $410.60 per ton.
Live cattle closed at $142.150.