Ample cream and slower demand continued to hit the CME butter market, which dropped below the $2.60-per-pound mark for the first time since January. Spot prices slipped to $2.5975 per pound, shedding $0.0475, with six loads exchanged. CME barrels put on the brakes after yesterday’s tumble, easing by just a quarter cent to settle at $1.6850 per pound. Spot blocks gained a little ground, rising to $1.7175 per pound, $0.0075 higher. Four loads of blocks and one of barrels traded.
Milk powder prices continued to climb at the latest GlobalDairyTrade Pulse event. WMP advanced to $3,811 per metric ton, or $1.73 per pound, up 5.2% on a Pulse-to-Pulse basis and +2.9% versus Contract 2 at the previous main auction. SMP increased to $2,915 per metric ton, or $1.32 per pound, up 1.9% compared to the most recent Pulse and +3.1% from the latest main event.
USDA AMS announced its Final Decision on changes to the Federal Milk Marketing Orders, making only minor adjustments from the Recommended Decision in July. The process now moves to producer referendum, with ballots mailed to independent producers and qualified cooperative organizations. Ballots must be postmarked by Dec. 31, 2024, and returned by Jan. 15, 2025, to be counted.
