Block, Barrel Spread Now at 21 Cents
Following the robust volume set in last week's CME spot trade Monday's session started out with a much quieter tone. Block cheddar led the pack by rising two cents to finish at a final price of $1.69 1/2. Barrels followed along but not as swiftly, rising a penny to finish at $1.48 1/2. The spread between blocks and barrels now stands at 21 cents.
Butter joined in on the action by rising a penny and a half, finishing at $2.61 1/2. The lone dissenter was nonfat dry milk, dropping a penny to finish at 85 1/4 cents.
Looking at the Class III markets, the day started with a softer trade but following a firmer cheese trade the market moved higher and back toward mostly unchanged status. That also defined the Class IV market where, in traditional fashion, markets were mostly unchanged and volumes were thin.