At the Chicago Mercantile Exchange Milk futures and cash dairy prices were slightly higher Tuesday. By the end of trade Class III milk was largely higher with the average price from now through the end of the year rising to $15.67, up 4 cents over Monday’s close. Class IV markets remained unchanged.
Elsewhere, butter dropped 3.2%. to finish at an 80% butterfat equivalent of $2.13 cents per lb., while cheddar cheese rose 1.3% to finish at $1.67 per lb. The biggest price mover was rennet casing, which rose 8%.
Global Dairy Trade event number 217 led the conversation in Tuesday mornings trade. The index of products finished unchanged with lackluster performances in nearly every category. Skim milk powder was down three-tenths of a percent to 90 cents per lb., while whole milk powder was up one-tenth of a percent to $1.34 per lb.
