Milk Futures Remain Volatile
The weakness that was shown in Monday’s CME spot dairy product session carried over into Tuesday’s trade.
Bocks, barrels, and butter all traded lower, while grade a nonfat dry milk finished unchanged at 85₵ on 7 trades, 4 bids and 5 offers.
Butter lost 3.75₵ on one trade and finished at $2.66 per lb. Blocks dropped to $1.66 per pound on one trade and was down 2₵ on the day. Barrels also declined 2₵ to $1.51 per pound on just one offer.
Class III milk futures also traded lower in 2017 on Tuesday. August declined 2₵ while the balance of 2017 was down 7₵-11₵s per cwt. The September – December average is now offering $16.75/cwt. 2018 traded all over the board, with first half prices ranging from a penny lower to 7₵ higher. Second half prices were 7₵ lower to 5₵ higher.
Class IV milk markets saw December trade 13₵ lower to $16.55/cwt. September-December posted an average of $16.80/cwt and 2018 markets had January down 15₵ and March 3₵ lower respectively.