A Higher Milk Market Kicks Off The Week
A higher milk market was finally seen to kick off the week on Monday. Since early October, the first half 2019 average has slipped 85 cents. Monday the market was able to achieve modest gains. November added 5 cents while December jumped 19. January traded 14 cents higher and February was up 10 cents. March and beyond in Class III ranged from 5 to 11 cents higher.
Class IV joined in on the move higher but to a much more limited extent. November 2018 to June 2019 added 3 cents while July through November rose 5 cents.
CME product market results were mixed. Butter traded 1 to 3 1/4 cents higher at $2.22 1/2 per pound. Cheddar blocks fell three cents to $1.35 after five loads moved. Barrels added 1 1/4 cents and left to uncovered bids and one offer in the market. Grade A nonfat dry milk was left unchanged at 86 cents per pound. Dried whey lost another 1/2 cent to close at 43 cents per pound as eight trades were made.
As trades were made in observance of Veterans Day Commodity Risk Management Group would like to thank each and every service man and woman in the United States military past and present for the freedoms that we experience today. We are forever grateful for the sacrifices that each member makes and hopeful that each one makes it home to their families very soon.