Markets Averaged Down This Week
The CME spot barrel market contained the majority of the trading action for the week. Barrels traded a total of 32 loads at an average price of $1.51 1/4, down 4 1/2 from the previous week. Blocks moved eight loads at an average of $1.63. Butter traded 19 times this week at an average price of $2.42 1/2, while grade A nonfat dry milk averaged an 82 1/2 cent trading price.
On Friday barrels dropped 5 cents to close at $1.45 per pound. Blocks finished at $1.61, down a 1/2 cent. Butter finished at $2.44 3/4 and grade A nonfat dry milked declined a 1/2 cent to 82 1/4.
Class III futures traded with mixed results. 2017 closed 4 to 8 cents lower and is now averaging $15.85 per cwt. 2018 prices were anywhere from 2 cents higher to 4 cents lower and are averaging $15.65 in the first half of the year. Class IV markets were unchanged in both 2017 and 2018. On Friday 2017 closed with an average of $15.69 and first-half 2018 was averaging $15.72 per cwt.