Block Cheddar Continues To Melt
Block cheddar continued to melt down on Friday, falling 2 and a half cents to return to $1.65, a price not witnessed since the last week of September. Barrel cheese followed suit, moving a penny and three quarters lower to finish the session at $1.36 and three quarters. That's just 2 and three quarter cents above the September low. A price point that aside from the start of the year has only been seen during the tariff scares of June and July.
Grade A nonfat dry milk found company among the cheese trade, falling a penny and a half to finish at 86 cents. Butter did the same, moving a quarter cent lower to $2.29. Dry whey was the only product to hold its ground. It remains unchanged at 56 and a quarter cents.
The average weekly price for these five products in the CME spot trade were as follows: butter just under $2.31, blocks $1.69, barrels just under $1.39, Grade A nonfat dry milk 87.3 cents, and dry whey averaged the week just under 56 cents a pound.
Milk markets had a mixed tone was Class III averages finishing a penny higher in the fourth quarter of 2018 and a price average of $15.94 while the first half of next year rose 2 cents to $15.90. Class IV markets traded in every contract from now through the end of 2019 and in nearly every contract, prices fell 2 cents that was then reflected in the average where the calendar Class IV milk price now stands at $15.73.