Class III Markets on Fire
In the CME spot product session, butter traders continued their version of the hokey pokey on Thursday by putting 2.25₵ back in after taking 4₵ out the day prior. The market finished at $2.12 per pound after 4 trades took place.
The spotlight was taken away by nonfat Grade A dry milk, it rose 2.5₵ to finish at 87.75₵ on 21 trades. There were 6 bids left at the end with 9 offers also remaining, so Friday’s session could be another interesting one.
Block cheese was just the opposite. It was down 2₵ on a single offer. No trades took pace and it finished at $1.5225 per pound. Barrel cheese was unchanged at $1.42 per pound, however it did make one trade.
Whey futures were mildly higher on minimal volume.
Despite the quiet nature of the cheese and why trade, Class III markets were on fire. Prices rose an average of 21₵ in the second half of the year, while the entire April through December period rose 16₵ to an average price of $16.13 per cwt.
As is usual, limited volume was found in the Class IV market. Only the months of July, August and September traded with each of those months up an average of 15₵.