Average Class III Price Back Over $16
Following last week's selloff, whey futures prices and nearby contracts have risen more than 2 1/2 cents in recent days with the October contract resting just under 39 cents. The average price from now through June 2018 rose to levels just shy of 34 cents.
Turning attention to the CME spot trade for Thursday, block cheese was down 1/2 cent to finish at $1.59 1/4. That closed the gap between blocks and barrels to 6 1/4 cents. Barrels helped in that effort by rising 1 3/4 cents to $1.53. Butter remained unchanged, finishing at $2.47 1/4. Grade A nonfat dry milk was also unchanged at 82 cents.
A quick look at the Class III market revealed some late afternoon optimism. Prices through a good share of the day were only a nickel higher, but as the pit session came to a close the average price from now through the end of the year rose to $16.05, up 14 cents from Wednesday. Class IV markets remained unchanged at $15.91.