The CME Dairy Dairy Report said today: "After blocks climbed 24¢ in 11 days – mostly on unfilled bids – buyers remained absent today. A single load was offered 2.75¢ lower without a hit."
The load was offered by Grain Millers, Inc. http://www.grainmillers.com/company.aspx
Grain Millers is in Minnesota. Grain Millers makes no dairy products: https://info1.cfsan.fda.gov/milk/mkex/ims/imssl-ce.cfm#MN
So, what or who makes Grain Millers have direct communication with the deities of dairy to set the price of farm milk?
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From Grain Millers website:
ReplyDelete"Our portfolio of products also includes dairy ingredients such as butter, cheese, cream, and dairy powders such as lactose, whey and buttermilk."
Natural cheeses for shredding, cut and wrap operations, and for processing. All cheese is packaged in 40lb blocks, 640lb blocks or 500lb barrels.
The cheese price should'nt be predicated on offers anyway. Only actual sales should dictate price.
ReplyDeletedairy ingredients procured from where... ?
ReplyDeleteThe closing price incorporates the last bids, whether it is a buy or sell offer. All exchanges operate similarly.
ReplyDeleteThe mistake is that we use the CME to price raw milk, until we change that there will always be an incentive to manipulate the market. What about e-trades, I don't see how they will alleviate any of the price manipulation problems.
ReplyDeleteWhy is grain millers' website down since yesterday?? hmmmm
ReplyDelete