(click on image to enlarge)
Today Grade A NFDM fell on the CME. Big surprise, there were no loads traded. The fact is CME works its magic even when no product changes hands, as can be seen in the above graph.
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About Me
- John Bunting
- I milk my own cows and am old enough to remember when dairy farm communities prospered. I also research dairy issues and write for The Milkweed
After many months of the CWAP at $1.05 range last week it jumped to $1.2350. The volume the previous week was 25 million pounds and last week 6 million. The co-op claims that the higher price reflects export sales, apparently their domestic contracts are less than $1.05.
ReplyDeleteI would say that is impossible but we are talking about our co-ops.
Where did California sell 33 million lbs two weeks ago domestically for $1.07? Then the next week only 6 million at $1.23, and last week 5 million at $1.27? Are we to beleive that the 33 million was sold domestically? Who domestically bought that much powder, and no CCC sales? Also because an "average" is used for farm price look at the difference in lbs sold at what price and see an average of maybe $1.10? Toda CME at $1.25 and actually sold a load so they could lower the price again.
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