CME spot nonfat dry milk (NDM) logged a fresh two-year high, reaching $1.045 per pound on Tuesday, although they slipped back to $1.03 on Friday, steady with last week. The Global Dairy Trade (GDT) auction provided the fuel for the fire in the milk powder markets. Skim milk powder (SMP) prices soared at the GDT, jumping 10.3% to the equivalent of NDM at $1.16 per pound, the highest price since Feburary 2017.
CME spot Cheddar barrels plunged Thursday to $1.185, their lowest value since July 2009. They finished today at $1.20, down 4.5ȼ this week. Blocks posted a less momentous but still discouraging 1ȼ decline. They closed at $1.40.