Dairy Markets Remain Volatile
In Wednesday’s CME spot dairy trade little change in price took effect. Cheddar barrels were the lone product to trade, and traded 11 times but finished unchanged at $1.4275 per pound. Cheddar blocks finished 1.5₵ higher at $1.475 on one bid.
Butter and Grade A nonfat dry milk also finished unchanged at $2.09 and 82.5₵ respectively. Butter saw 7 bids and 8 offers, while dry milk powder was bid 12 times and had 7 offers.
Class III markets took on a stronger tone from the get go on Wednesday. With front month prices trading close to $15 per CWT. Second quarter prices jumped 11₵ in April and 20₵-25₵ in May and June. July and October months made double digit gains of 10₵-17₵, while November and December were up 6₵ and 2₵ respectively. Second half price closed Wednesday with an average price of $16.36 per CWT. March and April were the lone months in 2018 to trade and both ended the day 13₵ higher.
Class IV markets saw April trade 15₵ lower to $14 per CWT. Meanwhile, June was up 10₵ and finished at $14.19 per CWT. The second half of class IV settled at $15.02 per CWT.