Butter Hits Highest Price Since 2015
While cheese markets were able to hold on to their spread they were not able to hold on to their premium. Block cheese finished 3¾ cents lower on Friday to finish the week at $1.70 per pound, barrels were down 4¼ cents to $1.49 per pound. The spread between the two now stands at 21 cents.
The butter market took a very different path rising 7½ cents to finish at $2.48½ cents per pound. This takes us to the highest levels in the spot markets since December 2015.
Grade A nonfat dry milk moved in sympathy with cheese to drop ¼ cent to finish at 94¾ cents per pound. For the week the average price was 94 2/3 cents, just a shade off of Friday’s finish.
The average price for butter this week was $2.41 2/3 cents, block cheese averaged $1.72 8/10 and barrels averaged $1.52 2/3.
Class III milk markets responded negatively with prices down 7 cents in the second half of the year to an average price of $17.14 per cwt. Class IV markets traded sporadically with the average for the second half of the year rising 6 cents to $17.12 per cwt.