After A Noisy Week, Markets Go Quiet
The CME spot trade experienced one of its quietest weeks in a very long time.
Across all five products and on a shortened week, with Tuesday having markets closed for New Year's Day, a total of 16 loads traded for the entire week. Friday was no help. Butter traded three loads as it went unchanged to finish once more at $2.25. Block cheese was unchanged with no trades at $1.41 and three-quarters. Barrel cheddar was also unchanged with no trades at $1.30 and a quarter.
Grade A nonfat dry milk had the only other load that traded on Friday. However, it rose a penny to move to 97 and a half cents, the highest price seen since the beginning of 2017. Dry whey, like the cheese, was unchanged and did not trade either. It finishes at 49 cents.
For the week, a total of four loads of butter moved and finished at an average price of $2.23 and a third. Block cheddar moved a total of two loads for the week. Its weekly average was $1.42. Barrel cheddar had a weekly average of $1.30 with four loads moving from seller to buyer over the course of the four-day week.
Grade A nonfat dry milk finished at 95 and two-thirds cents on its weekly average, with five loads trading and dry way traded only a single load and came in at an average price of 48 and a half cents. Among the quiet trade on Friday, Class III markets were mixed. Nearby contracts lowered, and deferred contracts were only slightly higher. By the end of session, the average price for the first half of 2019 came in a penny lower at $15.27. Class IV markets moved the opposite direction rising, four cents in the first half of the year to $16.06.