Barrels Trade Nearly 100 Loads
Barrels continued their domination of trade volume at the CME spot trade. 15 loads traded hands on Friday, however sellers led the charge leaving the trade a penny lower, with the price finishing at $1.66. Total load count for the week was 97, which is more volume than all of the other three products combined. Blocks, butter and powder traded just 58 loads between the three of them.
Block cheese remained unchanged on Friday, with a final price of $1.53. The inverted barrel- block spread narrowed to 13 cents. Butter finished 1 1/2 cents lower to $2.24 1/2. Grade A nonfat dry milk finished another 3/4 cents lower, setting another record low at 65 3/4 cents.
The average prices for the week are as follows:
- Butter: $2.22 1/3
- Block cheese: $1.48 1/3
- Barrel cheese: $1.66 3/4
- Grade A nonfat dry milk: just under 67 cents
Class III markets immediately responded to the overwhelming presence of sellers in the barrel market. Prices dropped as far as 40 cents in the January 2018 contract. In the end, however, the first quarter average dropped only 22 cents. Prices in the first half of 2018 now average $14.56, down 18 cents. Class IV saw little trade.