MILK
Milk futures did not show much volatility or price movement today. The underlying cash was rather subdued leaving trading volume light and directionless. Traders did not see much trading potential for making some profit due to limited price movement. South Dairy Trade numbers were released today showing a higher volume of dairy products moving through the ports. There were 22,317.51 tons which moved to 33 destinations through the ports in Argentina during the period from December 16-31. Whole milk powder price decreased 2.6% to $3,309.16 per ton or $1.50 per pound. Skim milk powder increased 0.1% to $3,138.42 per ton or $1.42 per pound. Semi-hard cheese decreased by 3.5% to $3,783.42 per ton or $1.72 per pound. Hard cheese decreased by 2.3% to $2.77 per pound. Butter price decreased 4.2% to $4,247.84 or $1.93 per pound. Buttermilk price decreased 19.3% to $0.87 per pound. Dairy products moving through ports in Uruguay from January 16-31 totaled 11,529.91 tons. Whole milk powder price increased 1.1% to $3,360.89 per ton or $1.52 per pound. Skim milk powder gained 2.7% to $3,007.19 tons or $1.36 per pound. Semi-hard cheese increased 2.4% to $4,983.86 per ton or $2.26 per pound. Hard cheese fell 13.3% to $5.939.83 per ton or $2.69 per pound, Butter increased 1.7% to $4,768.84 per ton or $2.16 per pound.
AVERAGE CLASS III PRICES
| 3 Month: | $17.10 |
| 6 Month: | $17.64 |
| 9 Month: | $17.95 |
| 12 Month: | $18.03 |
CHEESE
There was not much going on during spot cheese trading with only the barrel price increasing 0.50 cent. That did not trigger buying interest but left traders cautious and wondering how much upside potential there is. Cheese prices are expected to remain choppy.
BUTTER
Butter did not find a strong buyer interest. Business is being done as necessary keeping a strong trend from developing. It is unlikely price will fall back very much but will hold here or move higher as the year progresses.
OUTSIDE MARKETS SUMMARY
March corn closed up 0.25 cent per bushel at $4.3075, March soybeans closed down 6.75 cents at $11.8625 and March soybean meal closed down $4.10 per ton at $344.80. March Chicago wheat closed steady at $5.9750 and April live cattle closed down $0.83 at $185.10. March crude oil is up $0.97 per barrel at $77.89. The Dow Jones Industrial Average is down 525 points at 38,273 with the NASDAQ down 287 points at 15,656.
