NFDM Highest In More Than 2 Years
Grade A nonfat dry milk turned in another impressive day to close 1½ cents higher to close at 89¾ cents. A value of 90 cents in the dry milk market hasn’t been seen since February 2015 just before the milk market began it’s decent from $18 numbers.
The rollercoaster in the butter market continued on Wednesday, however a negative tone was the result. Butter markets dropped 8 ½ cents to a price of $2.34½. Cheddar blocks finished unchanged at $1.67 while the barrel market closed 4 cents lower at $1.50.
Class III markets were softer throughout the session. May 2017 closed 2 cents lower while June was down 10 cents at $16.38 per cwt. Prices for the second half of 2017, which touched $17.20 for an average on Tuesday, dropped double digits in each month. July through December dropped 11 to 19 cents and ended Wednesday with an average price of $17.06. First quarter of 2018 also dropped 4 to 10 cents. First quarter of 2018 is currently offering producers a $16.53 price.
Class IV futures finished all over the board with August down 36 cents and September off 13 cents. November was up 22 cents and December was 15 cents higher. January 2018 was also up 31 cents to $16.70 per cwt.