June 14, 2017

Butter Closes at $2.70

 |  By: Know Your Market

Mixed results in the milk and CME spot markets were the outcome on Wednesday but butter was again the story of the market. Butter jumped another 12 cents to finish at $2.70 per pound. Butter has now moved 60 cents higher in the past five weeks.

Cheddar blocks finished unchanged at $1.63 and barrels closed 1 ¼ cents lower, while grade A nonfat dry milk added ¾ of a cent to close at 90 ¾ cents per pound.

Class III milk markets finished mixed on Wednesday with June up 3 cents while August and October were also up 2 to 3 cents. July close 6 cents lower, and November and December also dropped 2 to 3 cents. September was unchanged at $17.57 per cwt. 2018 months saw January down 5 cents and February, May and June up 2 to 10 cents per cwt.

At the close second half Class III prices are now offering producers $17.22 per cwt.

Class IV market had trades primarily limited to the third quarter and with butter up 12 cents milk futures jumped 46 to 53 cents per cwt. Second half Class IV markets are now offering $17.15 per cwt. January 2018 was also up 5 cents on Wednesday.