June Class III Price Loses Steam, Drops 11 Cents
USDA announced the Class III price at $16.27 per cwt, down 11 cents from May and ending what had been a 3-month run of higher prices. Still, the June 2019 price is $1.06 higher than June of last year.
The Class IV price continues to gain momentum, advancing 54 cents to $16.83 per cwt. In contrast, the Class IV price in January 2018 was $13.13, a full $3.70 lower than where it is today.
The price of butterfat jumped just over 8 ½ cents from May to June, reaching nearly to its highest price in June 2018. Alternatively, the June protein price, which had been on a similar good run, fell off just over 11 cents from May. This pushed butter prices up just over 7 cents and kept cheese prices steady. Those two component price swings are likely reasons why the Class III price fell slightly and the Class IV price took a jump.