Another Day, Another Price Jump
Another day and another milk trade that resulted in higher values took place on Tuesday. Class III milk was unchanged in the month of April at $14.50 per cwt. May through December 2018 contracts gained 1 to 6 cents with June and July leading the way. Second quarter settled at $15.07 cents per cwt while the second half rose to $16.33. First quarter of 2019 also joined in on the party as it jumped 8 to 9 cents. First quarter 2019 now stands at $15.93 per cwt.
Class IV milk markets took the opposite route. April fell 8 cents, June a Penny and November through December was down one to three cents. July dropped 15 cents while August declined 20. The Class IV second quarter average is offering $14.50, while the second half is at $15.96 cents per cwt.
CME spot product markets watched butter continue its tear in the month of April, leaping 5 1/2 cents to $2.37 1/2 on 23 loads moving hands. Butter is now up 16 cents for the month. Dried whey closed unchanged at 31 1/2 cents. Grade A nonfat dry milk traded 13 times, saw 19 bids and six offers as it fell 1 1/4 cent to 82 cents even. Both blocks and barrels fell a 1/4 cent. Blocks traded once to $1.62 3/4 and barrels moved eight loads to settle at $1.48 3/4 cents per pound.