Cheese Up, Butter Down On Decent Trading
The Tuesday CME spot trade was met with decent volume and the hope for more. Butter traded 9 times, finishing at $2.10½ down 2¼ cents per pound. Block cheese saw no activity with the exception of a single offer from outside the market. Prices finished unchanged at $1.59 per pound.
Barrel cheese was up a penny, trading 10 times and finishing at $1.46. The powder market was up ¾ of a cent to 85¾ cents. It traded five times, but of most interest was the 28 loads that remained offered above the market.
The futures market continued its ascent with the average price for the remainder of the year rising roughly 5 cents over the last few weeks. Spot prices remain just shy of 51 cents per pound with December markets holding at 40 cents per pound.
The Class III futures market was mostly lower through the course of the day with the average price from now through the month of December trading at $16.70, down 1 cent per cwt. The October Class IV market was the single contract to trade in the Class IV complex, finishing down 3 cents.
If you are looking for excitement, look no further than the cattle market. Tuesday’s trade saw higher prices at the start of the session with the markets moving toward a limit down move mid-day and a finish roughly $2.60 per pound lower at the end.