Butter And Blocks At A Standstill
The CME spot product trade on Wednesday was mixed to unchanged. Both butter and blocks were unchanged on the day, butter finishing at $2.28 and blocks finishing at $1.58 1/4 after 2 trades. Barrels stole the show gaining 3 ½ cents finishing at $1.54 ½ cents/lb. The block/barrel spread is now at 3 ¾ cents which we haven’t seen since last November. Grade A nonfat dry milk lost ½ a cent to 95 ¾ cents. And lastly Dry whey rose ½ a cent to 31 cents.
Class 3 markets saw a positive move after barrels moving higher in the spot trade this morning. Class 3 traded anywhere from 1 to 16 cents higher. March finished up 1 cent to 14.94, April was up 12 cents to 15.10, and may was up 16 cents to 15.31. The remainder of the 1st half average is at 15.23 and the second half average is at 16.24.
Class 4 markets moved slightly lower but only traded in April through July losing anywhere from 1 to 8 cents.