4 minute read
Mielke Market Weekly
Cheddar, butter prices drop after five weeks of gain
This column was written in some plants, which pushfor the marketing week end- es more milk to others. ing April 29. Cheddar inventories are bal-
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U.S. butter stocks grew in anced to available, while March but remained well other varietal cheesemakers below a year ago. The U.S. say their stores are balanced Department of Agriculture’s to tight. Demand notes are latest Cold Storage report and have been strong, says shows the March 31 inventory at 283.1 million pounds. This is up 20.1 million MIELKE MARKET WEEKLY Dairy Market News. Strong demand for cheese is present in both western pounds or 7.6 percent from By Lee Mielke domestic and international February; but were a markets, though previhefty 72.7 million pounds or 20.4 percent MARKETING ously mentioned Asian buying slipped lower below those a year ago, this week. Like a brothe sixth consecutive month butter ken record, port congestion and the stocks were below the previous year. shortage of truck drivers continues to
American-type cheese stocks fell to cause delays to cheese deliveries 822.2 million pounds, down 9 million throughout the region. Inventories are pounds or 1.1 percent from the growing. Milk is available, allowing February level, which was revised plants to run busy schedules but ongodown 2.3 million pounds, and were ing labor shortages and delayed delivdown 12.2 million or 1.5 percent below eries of supplies are keeping output a year ago. below capacity.
The “other” category inched up to n 612.8 million pounds, up just 2.2 mil- Cash butter fell to $2.615 per pound lion or 0.4 percent from February, but on April 27 (the lowest Chicago were 900,000 pounds or 0.1 percent Mercantile Exchange price since Feb. above a year ago. 25). The price reversed direction the
The total cheese inventory stood at next day (the first gain in six sessions) 1.458 billion pounds, down 8.9 million and closed April 29 at $2.675. This is pounds or 0.6 percent from February, up 7.5 cents on the week, 3.5 cents but 10.9 million or 0.7 percent above a lower on the month, but still 92.25 year ago. cents above a year ago. There were nine Dairy prices were mixed the last week of April. The cheddar blocks loads of butter sold on the week and 57 for the month, down from 99 in March. closed on April 29 at $2.37 per pound. Cream is reportedly available for This is down 2.25 cents on the week, butter producers both within the ending five consecutive weeks of gain, Central region and from the West, but 7.5 cents above where they were on according to Dairy Market News. Bulk April 1, and 57 cents above a year ago. butter remains tight and at a premiThe barrels finished the month at $2.34, 3 cents lower on the week but 8.75 cents above their April 1 perch, 50.5 cents above a year ago, and 3 cents below the blocks. um. Contacts have mixed views regarding late summer and fall inventories. Domestic demand is steadily hearty week over week and global inquiries are not expected to ebb in the near term; so many expect butter
Sales totaled three cars of block for stores to be short. And, while market the week and 33 for the month of April, prices have fallen, marketers do not down from 38 in March. Barrel sales view the big picture as bearish, says totaled 12 for the week and 75 for the Dairy Market News. “Globally short month, down from 108 in March. milkfat, continued domestic food ser-
Milk is readily available for cheese vice strengths, and worker-supply production in the Midwest, according to chain shortages at the plant level are Dairy Market News, but staffing shortinimical to bears.” handedness is keeping a lid on output See MIELKE, pg. 16
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