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World 08.02.2024

CME Milk Futures Experience Decline, Cash Dairy Markets Display Mixed Trends on Tuesday

Source: The DairyNews
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Milk futures witnessed a downturn, while the cash dairy markets showed mixed results on Tuesday at the Chicago Mercantile Exchange.
CME Milk Futures Experience Decline, Cash Dairy Markets Display Mixed Trends on Tuesday
February Class III milk dipped by $0.09 to $16.26.
March experienced a decline of $0.32, settling at $17.45.
April saw a decrease of $0.28, closing at $17.73.
May reported a drop of $0.20, settling at $17.95.

Contracts for June through December displayed varying trends, with June observing an eleven-cent decrease and October marking a twelve-cent increase. The estimated trade volume for Friday stood at just over 2600 contracts.

In the dry whey market, there was a decline of $0.0075, reaching $0.50, with one sale recorded at this price.

Forty-pound cheese blocks experienced a decrease of $0.0350, settling at $1.6150, and one sale was recorded at $1.6525.

Cheese barrels also saw a decline of $0.0150, closing at $1.5750. Two sales were recorded at $1.5825 and $1.5925.

Butter prices increased by $0.0250, reaching $2.77. Eight sales were recorded, ranging from $2.7450 to $2.78.

Nonfat dry milk witnessed an uptick of $0.0150, closing at $1.24. Six sales were recorded, ranging from $1.23 to $1.24.
Lee Mielke
Lee Mielke
editor of the Mielke Market Weekly
27.02.2024
Dairy farm milk production continues to struggle and remained below a year ago for the seventh consecutive month.
Aaron Smith
Aaron Smith
Professor of Agricultural and Resource Economics at the University of California
20.02.2024
Every five years, the Department of Agriculture takes a census of farms, all two million of them. The most recent census occurred in 2022, and USDA released the data this week.
February 2024
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