Barrels Make Multiple Moves
It took every finger to count all the loads of barrels traded at the CME spot trade on Friday. Twenty loads moved from seller the buyer as prices rose two and a quarter cents to finish at $1.61 and three-quarters and tighten the gap between blocks and barrels to two and three-quarters cents. A total of 39 loads of barrels were traded over the course of the week. It's over half of them were traded on Friday. Blocks had a little quieter tone, only one load moved. It finished unchanged at $1.64
and a half and rounded out the week. Ten loads traded hands. Butter was unchanged as well. However, it did not trade which comes at no surprise given that it only traded one load all week. It finishes at $2.25 and three-quarters, a closing pricing on each of the last four trading days.
Grade A nonfat dry milk followed suit. It was unchanged after zero trades finishing 98 and three-quarters over the course of the week. However, it traded 11 loads. Dry whey traded 20 loads to the count of the week, five of which came on Friday as bidders moved prices a quarter cent higher to finish at 35 and three quarters.
The average prices for these five products were as follows: Dry whey, just under 35 and a half cents. Grade A nonfat dry milk was 98 and three quarters. Barrel cheddar $1.59 and a half. Block cheddar just under $1.65. Butter finished with an average price for the week of $2.26 cents.
All weekly averages were higher than the previous week with the exception of blocks which fell half a cent despite the sizable barrel trade. The Class III market gave it little attention as prices drifted lower over the course of the session. The average price for the second quarter finished a penny lower at $15.83 cents while the second half of the year drop two cents to an average price of $16.35. Class IV markets saw a little activity but didn't move higher with 2020 prices posting the biggest gains. Contracts there rose anywhere from five to 15 cents..