Blocks Stay in Familiar Range
Barrel cheddar took a big step away from the upward action that defined the last two weeks of trade, falling 4 cents on Thursday to finish at $1.32. Blocks dropped 2 cents and a quick study of the block cheese would take any surprise away from the movement that did take place. In fact, as blocks dropped 2 cents, they continued to trend lower from the turnaround that began on Tuesday. Moreover, this is the third time that blocks have continued to oscillate back and forth between prices ranging approximately from $1.45 on the bottom side to roughly $1.55 at the top side, dating back to early December. So it will come as no surprise if more of this action should continue.
Looking elsewhere, butter rose 1/4 cent to $2.12 1/4 and grade A nonfat dry milk remained unchanged at 71 3/4 cents.
The poor nature of spot cheese market took the first half of Class III market in 2018 to lower prices. The average for the period now rests at $13.81. Class IV saw little action with the average resting at $13.65.