Barrels Lead in Volume, Price Increase
Butter closed out the week 4 1/4 cents higher to close at $2.37 1/2. Butter was unchanged from last week's average even though 38 loads traded hands this week.
Grade A nonfat dry milk finished unchanged on Friday at 77 1/4 cents. For the week, dry milk markets were walloped as 5 1/4 cents dropped out of the spot market this week on 23 trades.
Blocks declined 2 1/2 cents to $1.70 while barrels finished 3/4 cents lower. Blocks, in total, moved 9 loads this week and closed 1/4 higher. Barrels, on the other hand, led the spot product complex with 42 loads moving and closing 2 cents higher on the week.
Class III milk markets were mostly higher on Friday. 4th quarter 2017 was up 3 to 4 cents to an average price of $16.22 per cwt. First half 2018 had a mixed bag of results. January and February were down 4 cents and settled at $15.41. March to June appreciated 2 to 9 cents in value. 1st half 2018 currently offers $15.58 per cwt. July increased 12 cents as well.
Class IV markets had limited trade. November climbed 13 cents higher and December was up 7. 4th quarter 2017 is offering $14.91 per cwt.