Another Robust Powder Trade
Despite ongoing record volumes of nonfat dry milk, robust trade continued again in the CME spot trade on Monday with eight loads trading hands and prices moving 1 1/4 cents higher to finish at 85 1/2 cents. Bids and offers were plentiful, even at the end of the session. Tomorrow may prove to be another exciting day.
Elsewhere butter rose a penny on 11 loads trading. It moves hired to $2.37. Block cheddar rose a penny to $1.63 a pound. It did not trade. However, barrels remained unchanged. They finished again at $1.48 3/4. Four loads traded hands. Dried whey had the quietest of the sessions. It was unchanged finishing at 31 cents once more with no loads trading hands.
Class three markets began the week with a slightly higher tone. The firmer product trade added to that moving prices on average 6 cents higher to finish at a price of $15.99 from now through December. Class IV markets were firmer as well moving to $15.55 in their average from now through the end of the year.
As a side note, the results from the global dairy trade event number 211 will be released Tuesday morning.