Friday, cash dairy prices were trending higher. It’s a signpost that could indicate a more robust market moving forward. Here’s a quick summary of the changes:
- Dry Whey: Up $0.02 to $0.5875. Three sales were recorded in the range of $0.5850 to $0.59.
- 40-Pound Cheese Blocks: Up $0.04 to $2.27. Five sales recorded between $2.23 and $2.27.
- Cheese Barrels: Up $0.0250 to $2.2750. Two sales were noted at $2.26 and $2.2750.
- Butter: Increased by $0.0125 to $3.1750. Six sales ranging from $3.17 to $3.1750.
- Nonfat Dry Milk: Marginally up by $0.0075 to $1.3650. Nine sales between $1.3575 and $1.3650.
CME cheese led the charge on Friday. Blocks soared to $2.27 per pound, gaining four cents to hit a price not seen since June 2022. Barrels surged to $2.2750 per pound, up 2.5 cents. Spot whey climbed as well, reaching $0.5875 per pound, adding two cents.
July’s cheese production reached 1.19 billion pounds, up 1.9% (+21.8 million pounds) compared to last year and 2.7% (+31 million pounds) from June. Butter production wasn’t far behind, hitting 162 million pounds. This represents a 2.2% (+3.4 million pounds) year-over-year gain but a 3.8% (-6.3 million pounds) drop month-over-month.
Meanwhile, stocks of nonfat dry milk (NDM) declined to 184 million pounds, down 10.4% (-21.5 million pounds) from last year and 2.0% (-3.7 million pounds) from June. Whey stocks fell to 63 million pounds, a 25.0% (-20.8 million pounds) decrease year-over-year and 2.0% (-5.3 million pounds) decline month-over-month.
When it comes to consumption, U.S. cheese totaled 1.15 billion pounds in July, up 0.9% from last year. Year-to-date, the total stands at 7.93 billion pounds, a 0.3% increase. Butter consumption hit 192 million pounds in July, up a notable 5.5% year-over-year. For the first seven months of 2024, the U.S. consumed 1.26 billion pounds of butter, marking a 2.8% increase from the same period last year.
Daily CME Cash Dairy Product Prices ($/lb.)
| Final | Change ¢/lb. | Trades | Bids | Offers | |
| Butter | 3.175 | 1.25 | 6 | 2 | 2 |
| Cheddar Block | 2.27 | 4 | 5 | 1 | 1 |
| Cheddar Barrel | 2.275 | 2.5 | 2 | 3 | 0 |
| NDM Grade A | 1.365 | 0.75 | 9 | 8 | 1 |
| Dry Whey | 0.5875 | 2 | 3 | 3 | 1 |
Weekly CME Cash Dairy Product Prices ($/lb.)
| Tue | Wed | Thur | Fri | Current Avg. | Prior Week Avg. | Weekly Volume | |
| Butter | 3.1525 | 3.1475 | 3.1625 | 3.175 | 3.1594 | 3.182 | 22 |
| Cheddar Block | 2.215 | 2.23 | 2.23 | 2.27 | 2.2363 | 2.128 | 7 |
| Cheddar Barrel | 2.26 | 2.25 | 2.25 | 2.275 | 2.2588 | 2.2115 | 5 |
| NDM Grade A | 1.3425 | 1.355 | 1.3575 | 1.365 | 1.355 | 1.3115 | 19 |
| Dry Whey | 0.57 | 0.565 | 0.5675 | 0.5875 | 0.5725 | 0.5605 | 5 |
CME Futures Settlement Prices
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