Butter Prices Test 2017 Lows
Since mid-January the spot butter market has largely been bound to a range that spans from $2.10 per pound on the low end, up to $2.25 per pound at the top end. With Easter quickly approaching and buyer orders beginning to wane, Friday’s butter market breached the $2.10 low. However, on Monday the CME spot trade for butter saw prices return to $2.10 per pound. This happened after one load traded hands.
In the spot block trade, prices moved 0.5₵ higher to $1.445 after three loads traded. Barrels took the opposite direction and moved to $1.37, 2₵ lower. Nonfat dry milk was unchanged. However, 5 bids remained at the end of the day and prices again finished at 82₵.
Looking at the Class III markets, prices moved from negative territory early in Monday’s session to prices that were higher on the day with all contract months in the 2017 calendar up single digits. Class IV markets saw sporadic trade with April, May, July and August contracts trading. The first two were unchanged while July and August were down 15₵ and 6₵ respectively.