All Milk Contracts Finish Higher
A very active CME spot trade defined the day on Tuesday as 58 loads of product traded hands. More than half of that volume came in powder. Thirty-one loads of Grade A nonfat dry milk traded hands. The market remaining unchanged and the final price at 87 ¼ cents.
Barrels were next in line, 19 loads traded hands. The price rose 3 ¼ cents and finished at $1.41 ¾ cents. The spread between blocks and barrels widened to 19 ¾ cents after five loads of blocks were traded and rose 6 cents to final price $1.61 ½ cents.
The butter market was the lone defector dropping ¾ cent to a final price of $2.60 3/4 cents after three loads were traded.
All of this was welcomed news for milk market where all contracts that traded through the course of the year finished higher. Class IV markets saw a trade in the September, October, and November contracts. The average from now through December rising to $16.90 up 4 cents.
On the big cheese trade, the Class III markets caught even more wind in its sails. The average price from now through the end of December finished at $16.73 up 27 cents.