Cheddar cheese prices continue steady climb
Cheddar cheese prices continued on a steady climb through Wednesday of this week in the spot market on the Chicago Mercantile Exchange (CME).
Cheddar blocks picked up 2 cents per pound on Wednesday to close at $1.84 after three carload sales and one unfilled bid to buy. The day's closing price was 5.75 cents per pound above that of a week earlier.
Two carload sales and one unfilled bid helped to raise the Cheddar barrel price by 1.25 cents per pound on Wednesday. The closing price of $1.8125 per pound was up by 4.25 cents from a week earlier.
There was no change in the AA butter spot market price, which stood at $1.45 per pound on Wednesday following a 2-cent per pound gain earlier in the week.
The CME market activity on Wednesday included an uncovered offer to sell and an unfilled bid to buy one carload each.
One of the highest numbers ever in the non-fat dry milk spot market appeared on Wednesday with the unfilled bid to buy 10 carloads of Grade A.
Two carload sales were completed as the price gained .50-cent to close at $1.82 per pound. The Grade Extra market was quiet with the price standing at $1.78 per pound.
The Class III milk futures prices were in green ink territory on Wednesday for the remaining months of 2013. The increases included 17 cents per hundred for October and 14 cents for November.
As a result of the day's changes, the Class III milk futures prices were at $18.23 per hundred for both September and October, $17.68 for November, and $17.03 for December before falling into the $16s and low $17s per hundred for all months of 2014.
The Class III milk cash price for August, which was announced late last week is $17.91 per hundred - up by 53 cents from July and by 18 cents compared to August of 2012.
Other prices for August were $19.27 per hundred for Class II and $19.07 for Class IV - up from $15.64 and $15.76 respectively for August of 2012.
Cooperatives Working Together has announced the acceptance of a package of 21 bids for price assistance on the export of cheese and butter to countries in Asia, Europe, North Africa, and the Middle East from September to February of 2014.
Those bids, submitted by Bongard's Creamery of Minnesota, Dairy Farmers of America, the Maryland and Virginia Milk Producers Cooperative, and Darigold Cooperative of Washington, cover 8.153 million pounds of Cheddar, Gouda, and Monterey Jack cheese and 220,462 pounds of butter.