Milling & Baking News - December 12, 2023 - 56

MARKET trends
in lbs
TUES | 12 12 2023
Dairy Products
DRY PRODUCTS
Dec. 8
Whey powder
Lactose
-
Whey protein concentrate
(34% edible)
Nonfat dry milk high-heat
Central/East
West
Nonfat dry milk
CME
Buttermilk powder
Casein - acid
Casein - rennet
f.o.b. plant, $ per lb
- Change from - Year
Dec. 1 Nov. 24 ago
.39 @ .44 +1¢
.21 @ .31
.88 @ .98 +1¢
1.29 @ 1.36 -1¢
1.29 @ 1.43
-
Nonfat dry milk medium-low heat
Central/East
West
1.17 @ 1.22
1.17 @ 1.22
-
-
1.16½ -1½¢
1.07 @ 1.17 +2¢
3.40 @ 3.90 +10¢
3.25 @ 3.75 +10¢
BUTTER
Dec. 8
Butter 93AA (CME)
$ per lb, Central
2.67
CHEESE
Dec. 8
1.58
Cheddar (Blocks 40#) 2.14
Mozzarella
2.49
American 5# loaf
$ per lb, Central
1.99¾
+2¢
+1¢
+3¢
-1¢
-1¢
-
-
-2¢
+3¢
.41
.43
1.60
1.52
1.51
1.39
1.39
1.36½
1.35
+10¢ 6.50
+10¢ 5.74
Dry dairy product prices were mixed
but mostly firmer last week. The CME
Group butter price edged higher along
with gains in cheddar cheese values.
Prices for dry whey, 34% whey protein
concentrate (WPC), buttermilk powder
and imported casein were higher while
nonfat dry milk (NDM) values were mixed.
Although dry dairy product prices have
advanced in recent weeks, most remain
well below year-ago levels.
The price of 34% WPC has advanced
- Change from - Year
Dec. 1 Nov. 24 ago
+1½¢
+17¢ 2.81¼
- Change from - Year
Dec. 1 Nov. 24 ago
CME cheddar barrels 1.55½ +3½¢ +11½¢
CME cheddar blocks
+6¢
-
-
-
FLUID PRODUCTS
Dec. 8
CME class III milk
CME class IV milk
$ per cwt, Central
16.27
19.20
+17¢
Compiled from private sources,
US Department of Agriculture and CME Group.
1.95
-1¢ 2.09½
- 2.32¼
- 2.67¼
- 2.05¼
- Change from - Year
Dec. 1 Nov. 24 ago
-4¢ +27¢
-8¢ 20.38
21.85
steadily since early October and was up
35% from summer lows but still was down
45% from a year ago. Demand was strong
as it remains a good value relative to other
dairy proteins, including in the animal
feed sector. Inventories were tightening.
Dry whey prices also advanced, with
values by far the closest to year-ago levels
(down just 5%). Demand from
the baking sector remained
strong, tightening supplies
amid steady production.
Buttermilk powder prices
firmed mainly on higher values
in the West. Production
was steady to lighter with production
on filling contracts,
which limited spot supplies.
The NDM market was quiet
amid mostly steady production
and demand.
Butter churning was steady
to stronger and was expected
to briefly increase more
ahead of the final yearend
100
125
150
175
holiday demand rush.
In its fourth-quarter global dairy
update, Rabobank said global dairy
markets likely bottomed in 2023 and
were expected to trend higher through
2024 depending on demand. Milk supply
growth was forecast to be sluggish next
year. Import demand from China was
expected to be flat with 2023 after two
years of decline.
The US Department of Agriculture
in an annual update issued Nov. 30 said
fluid milk consumption was 130 lbs per
person in 2022, down 3% from 2021, down
21% from a decade ago and the lowest in
records back to 1975. Consumption of butter
was 6 lbs per person, down 6% from
2021 but up 9% from a decade ago and up
30% from 1975. Consumption of all dairy
products on a milk-equivalent basis was
down 1.2% from 2021. MBN
PER CAPITA ANNUAL FLUID MILK CONSUMPTION
200
2001
2004
2007
2010
Source: US Department of Agriculture
The USDA estimated 2022 fluid milk
consumption at 130 lbs per person in 2022,
down 3% from 2021 and the lowest in
records going back about 50 years.
2013
2016
2019
2022
Dairy Expertise
A Century of
Bringing you quality ingredients at competitive
prices for over 100 years.
* AA Butter - Salted & Unsalted
(Domestic & Imported)
* AMF/Butteroil (Domestic & Imported)
* Whole Milk Powder (Domestic & Imported)
* Nonfat Dry Milk
* Pasteurized Grade A Fluid Sweet Cream
* Cheeses - Cheddar, Mozzarella & Cream Cheese
Contact: Fred Smith * 800-441-1001
P.O. Box 335, 1407 New Road, Linwood, NJ 08221
Email: fsmith@clofi nedairy.com * www.clofi nedairy.com
http://www.clofinedairy.com
Milling & Baking News - December 12, 2023

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