Spot cheddar prices neared convergence as CME spot blocks settled at $1.7225 per pound, 2.5 cents higher, while barrels finished at $1.7250, a penny lower. Daily volume: four lots of blocks, two loads of barrels. Butter eased to $2.5825 per pound, shedding $0.0025, with no volume exchanged. Spot NDM was notably quiet following this morning’s GDT event, remaining at $1.4000 per pound.
There was little movement at the latest GlobalDairyTrade auction. SMP climbed 1.1% to $2,882 per metric ton or $1.31 per pound, while WMP increased 3.0% to $3,826 per metric ton or $1.74 per pound. Cheddar cheese eased 2.8% to $4,834 per metric ton or $2.19 per pound, while butter was relatively unchanged at $7,008 per metric ton or $3.18 per pound (adjusted to 82% butterfat), up just 0.3%.
Output remains variable across Europe’s largest milk-producing regions. Germany’s production dipped 1.8% year-over-year in September, while output in the Netherlands dropped 2.6%. Production in France, on the other hand, rose 3.2% on the year.
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