Nonfat Dry Milk - Central and East

     Nonfat Dry Milk - Eastern and Central U.S.

     Report 41 - Released on October 11, 2018

     CENTRAL: Low/medium heat nonfat dry milk (NDM) prices slid on the range, while remaining
     steady on the mostly price series. Offers picked up this week, but overall spot trading
     activity was steady to slower. Midwestern prices continue to fall in a very tight high
     $.80s to low $.90s window. Some producers report that inventories are available on the spot
     market if the bid is suitable, but there is not a sense of urgency to move product
     immediately. Other regional producers have suggested their inventories are very tight, and
     production is solely contract-based. Contacts relay that Mexican demand is keeping upward
     pressure on the markets, but view the overall markets as sideways.

     EAST: Trading in Eastern nonfat dry milk markets were uninspiring this week, as few f.o.b.
     low/medium heat nonfat dry milk exchanges took place. Low/medium prices edged lower through
     the range while remaining steady in the mostly series. On the supply-side, production in the
     region is steady to lower as shorter milk supply into some plants lessens the output. As
     such, there is a faint buzz of tightness of stocks for some NDM manufacturers who noted
     being sold out while pressed to fill open orders. The NDM market undertone is quiet. High
     heat prices are slightly higher on the bottom of the range as bakeries stock up for the
     holiday season. While intermittent high heat NDM production runs occur, supplies remain
     tight. Wednesday at the CME Group Grade A NDM closed at $0.8575, down $0.0175 from last
     Prices for: Eastern and Central U.S., All First Sales, F.O.B., Extra Grade & Grade A,
     Conventional, and Edible Nonfat Dry Milk
     Price Range - Low & Medium Heat; $/LB:                 .8350 - .9300
     Mostly Range - Low & Medium Heat; $/LB:                .8800 - .9200

     Prices for: Eastern and Central U.S., All First Sales, F.O.B., Extra Grade & Grade A,
     Conventional, and Edible Nonfat Dry Milk
     Price Range - High Heat; $/LB:                         1.0000 - 1.0500

     Information for the period October 8 - 12, 2018, issued weekly

     Secondary Sourced Information:

     The NASS Dairy Products report noted U.S. human NDM production during August 2018 in the
     Central region totaled 27.2 million pounds, 4.9 percent higher than one year ago. Atlantic
     production in August was 26.4 million pounds, 2.1 percent lower than last year. Total U.S.
     human NDM production during August 2018 was 122.9 million pounds, 10.1 percent lower than
     last year. During January-August 2018, U.S. human NDM production totaled 1.235 billion
     pounds, 1.2 percent lower than the same time span in 2017. Total U.S. NDM, human, month
     ending stocks for August were 275.4 million pounds, 12 percent below a year ago.

     U.S. NDM Exports, H.S. Code 0402100000(FAS)
                      2018 Exports      % Change From
                      (Million Lb.)       1 Year Ago

     AUGUST Total           137.4           +  26

     TOTAL, JAN � AUG     1,105.8           +  26
      1 Mexico              504.8           +  24
      2 Philippines         131.4           +  16
      3 Indonesia            89.2           +  87
      4 Vietnam              61.7           + 171
      5 Malaysia             49.2           +  18

     Published by:
     Dairy Market News - Madison, WI
     DANIEL JOHNSON, 608-422-8605
     ISRAEL WEBER, 608-422-8601

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