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U.S. Dairy Market Sees Mixed Movements Ahead of Independence Day Closure

USA 04.07.2024
Source: The DairyNews
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As the U.S. dairy market approached the Independence Day holiday, trading showed a mix of slight gains and losses across different commodities.
U.S. Dairy Market Sees Mixed Movements Ahead of Independence Day Closure
On the day before markets closed for the July 4th celebration, the spot cheese price edged up to $1.90 per pound, with the barrel price slightly surpassing the block by a quarter of a cent. Despite a marginal increase, futures remained relatively stable as they moved into the fourth quarter.

Butter experienced a minor decline during spot trading, losing momentum as it dipped to $3.1350 per pound. Futures trading for butter presented a mixed picture with low volume, indicating a cautious market stance. Trading is expected to resume on Friday, which will likely provide clearer direction for these commodities.

Meanwhile, U.S. cheese exports continued to show strong performance. May figures indicated a robust increase of 106 million pounds, a 4% rise since April and a substantial 47% increase compared to the same period last year. Notably, exports to Mexico reached a new high, with 40 million pounds of cheese sold, marking a 62% increase from the previous year.

Conversely, the U.S. saw a significant uptick in butter imports, which set a record at 13 million pounds in May, climbing 13% month-over-month and 24% year-over-year.
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