Blocks and Barrels Rebound from Tough Week
Blocks and barrels turned back higher on Monday's CME spot trade. After last week's late week selloff blocks rose a penny and a half to finish at $1.71 1/2. Barrels followed suit moving 1/2 cent higher to finish at $1.68 1/4. Butter stood on the sidelines, not trading at all, and in the end the market was unchanged at Friday's close of $2.37 1/2.
The lone dissenter was grade A nonfat dry milk which dropped another 1 1/4 cents to move past the stalwart trade that held prices at 77 cents for the last three sessions. 76 cents per pound now represents the lowest level that has been witnessed since Sinco de Mayo 2016.
The early bid on cheese brought optimism to the Class III market. Prices were elevated nearly a nickel until the weaker powder market stripped it away. October and November markets in the Class III complex finished higher but only up 2 to 3 cents. In the months that would follow out to June of 2018 prices ended 5 to 8 cents lower. In the end the average price for the first half of 2018 now stands at $15.46, down 7 cents from Friday's finish.
Class IV markets saw little activity with the first half of 2018 holding its average at $15 per cwt.