Dairy Markets Gain Strength
CME spot product markets all saw strength on Thursday. Butter led products higher as it gained 2 cents on four loads trading to close at $2.375. Barrels added a penny and moved to $1.74. No trades were made in barrels although four bids and 25 offers were left hanging. Blocks failed to secure a trade as well, however, finished a quarter cent higher as two bids entered the market. Blocks ended up at $1.7525 per pound. Grade A nonfat dry milk trade twice on Thursday and closed at 83.5 cents.
Milk markets followed through on the stronger product trade. October jumped 13 cents to $16.75 per CWT while November was up a penny and December was down a penny. Class III fourth quarter 2017 prices are now averaging $16.52. 2018 first quarter prices were up 1-5 cents on Thursday while second quarter prices were up 7-14 cents. At the close, first half of 2018 prices were averaging $15.78 per CWT. Second half 2018 didn’t trade. Class IV markets saw very little trade as October was up 8 cents with no other months trading. 2017 fourth quarter price closed Thursday at $15.19 while first half 2018 prices remained at a $15.36 average.