Strong export data and rising GDT prices didn’t have much impact on CME cheese markets. Spot blocks tumbled four cents to $1.7900 per pound, while barrels slipped to $1.8300 per pound, down three cents. One load of blocks changed hands. Spot NDM found enough support to near the $1.40-per-pound mark, settling up $0.0175 at $1.3950 per pound. Butter held steady at $2.6750 per pound.
US dairy exports showed strength in September, with outbound volumes for all commodities above prior-year levels. Butter sales jumped 23% year-over-year and, on the import side, the US purchased 15.6 million pounds, an all-time high and up 59% compared to 2023. Total cheese exports climbed 7% on the year, with Mexico buying 19% more than in September 2023. Shipments of SMP jumped 16% and whey rose 9%.
Prices rose across the board at the latest GlobalDairyTrade auction. Cheddar prices advanced 5.8% to $4,973 per metric ton, or $2.26 per pound, while butter jumped 7.6% to $6,990 per metric ton, or $3.17 per pound (adjusted to 82% butterfat). On the milk powder side, SMP lifted 3.8% to $2,850 per metric ton, or $1.29 per pound, and WMP rose 4.5% to $3,713 per metric ton, or $1.68 per pound.
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