Barrels Stay Strong On The Market
It was a quiet day by way of volume in the CME spot trade. Five total loads traded across all five products and all of those loads traded in barrels. Their trade was anything but quiet.
Barrels jumped 5 and three-quarter cents to finish at $1.39 and three-quarters while blocks rose 2 and a half cents to $1.66. This leaves the spread between the two at 26 and a quarter cents.
Butter rose as well, moving a penny and three-quarters higher to $2.29 and three-quarters while whey futures set a new record moving up to 53 and a half cents, just a half cent higher over Tuesday's finish. Grade A nonfat dry milk remained unchanged and ends once more at 87 and a half cents.
The Class III market was not inspired by the move higher and cheese or whey or butter prices end of the day unchanged, for the fourth quarter average, which again finishes at calendar average ends at $16.22. Class IV once again found support with nearby prices rising as much as 13 cents. The average price from now through the end of the year moves a nickel higher to $15.21, and the 2019 average remains unchanged at $15.96.