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CME Group Cash Markets Report - March 28, 2024

USA 01.04.2024
Source: The DairyNews
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In the latest USDA report for March 28, 2024, here are the highlights across various dairy products on CME Group:
CME Group Cash Markets Report - March 28, 2024
Butter:

Grade AA butter closed at $2.8425, with a weekly average of $2.8438, marking a slight increase of $0.0228.

Robust demand for butter has been observed for the spring holidays in both East and West regions.

While demand in the Central region remains steady, some reports suggest holiday orders were lighter compared to the previous year.

Unsalted butter is particularly sought after nationwide.

The NASS Cold Storage report indicated a 19% increase in February 2024 butter stocks compared to January 2024 and a 1% increase from February 2023.

Cheese:

Barrels closed at $1.4275 and 40# blocks at $1.4175, with weekly averages showing slight decreases.

Production schedules in Eastern cheese plants remain steady.

Market tones remain bearish due to ample inventories and light demand.

Midwest cheese demand has shown increased activity compared to recent weeks.

Milk availability is reported as loose, with spot load prices reported below Class III.

In the West, although market prices are enticing some buyers, overall demand remains quiet.

Nonfat Dry Milk:

Grade A nonfat dry milk closed at $1.1200, with a weekly average of $1.1213, indicating a slight increase.

Dry Whey:

Extra grade dry whey closed at $0.4025, with a weekly average of $0.4000, reflecting a slight decrease.

Fluid Milk:

Farm-level milk production is trending steady to higher nationwide, with spring flush volumes observed in certain regions. Condensed skim availability is loose due to school breaks and plant downtime.

Class II demand is expected to increase as warmer weather approaches, particularly for manufacturing ice cream mixes.

Some regions report illness affecting herds, such as Highly Pathogenic Avian Influenza (HPAI), though officials assure there is no threat to public health.

Spot milk prices vary across regions, with some reported below Class III.

Overall, the dairy market continues to navigate through varying demand patterns and production levels across different regions, with some regions experiencing steady growth while others face challenges due to illnesses affecting herds.
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