Butter, Powder Prices Lead Class IV Higher
The volley continues following the softer trade in Wednesday's CME spot dairy offering, products responded on Thursday by generally moving back higher. Butter rose a half a cent to $2.38 cents a pound after 20 loads changed hands from sellers to buyers. Grade A nonfat dry milk rose a penny and a half on 14 loads and traded to 83.5 cents. Dry whey rose a quarter sent back to 31 cents a pound, it did not trade, however. That was also true of the block and barrel trade. Blocks finished unchanged at $1.61. Barrels finished unchanged as well at $1.4825. Neither of them traded a single load.
The response to the higher butter and powder trade led summer contracts of Class IV milk to higher ground. July and August traded a nickel higher. Unfortunately deferred contracts took the price average lower to a value of $15.41 per cwt from now through December. Class III markets are softer on the quiet cheese trade finishing a few cents lower in their average at a value of $15.86 per cwt.