The recent pattern of minor price declines for dairy commodities continued through Wednesday of this week in the spot market on the Chicago Mercantile Exchange.
Cheddar cheese blocks and barrels both lost 1.5-cent per pound during a busy trading session as their respective prices fell to $1.74 and $1.7075 per pound. Ten carloads of blocks and two of barrels were sold in the Wednesday session and there were uncovered offers to sell one carload of each.
The AA butter spot market price slid by .50-cent per pound to $1.54 during a trading session with two carload sales, an unfilled bid to buy two carloads, and an uncovered offer to sell two carloads.
Prices remained at $1.68 per pound for Grade A and $1.70 for Grade Extra in a quiet non-fat dry milk spot market.
Despite the downturn in the commodity spot markets, the Class III futures posted small gains on Wednesday for nearby months.
Early afternoon prices were $18.50 per hundred for May, $17.94 for June, and in the $18s per hundred for all remaining months of 2013 except for December's $17.97.
Dry whey futures prices continued on a steady and strong path with a few gains for months in 2013 on Wednesday.
Trading prices ranged from a low of 55.5 cents per pound to a high of 58 cents for the remainder of 2013. For the first time, they have reached 50 cents for early months in 2014.
The national Class I fluid milk base price for June is $18.93 per hundred. This is an increase of $1.17 per hundred from May.
Cooperatives Working Together has received a total of three bids from Dairy Farmers of America and Darigold Cooperative of Seattle for financial assistance on the export of 299,289 pounds of Cheddar and Gouda cheeses to countries in Asia. Deliveries are scheduled from June-August.