Major Movement in Butter Markets
After a monster trading day in butter on Wednesday that saw 34 loads trade hands—the highest daily volume in nearly four years—Thursday’s trade followed up with another 13 loads moving. Butter dropped ¾ of a cent to $2.65 1/2.
Grade A nonfat milk dropped a penny to settle at 83 ¾ cents.
Block cheese was unchanged at $1.73 1/2, while barrels gained 1 ½ cents and ended at $1.68 ½. After today’s trade, the block and barrel spread, which has traded as high as 20 cents in August, now stands at just 5 cents.
Class III milk futures saw little change as August through November traded 3 to 4 cents higher while December was down 2 cents. The average August through December price now sits at $16.92 per cwt. Class IV markets were down 7 cents in August, 10 cents in October and 20 cents in November. June 2018 was also off 24 cents.