Butter Prices Continue to Soften
After the moonshot that defined the previous two weeks of butter trade the action on Monday’s CME spot session continued the selloff that began last Thursday. The spot butter market dropped 1 ¼ cents with prices finishing at $2.36 ¼ . Even with lower prices this represents the fourth highest settlement price since last June.
The block market which took cheese prices higher through the course of last week’s sessions ended lower on Monday with prices down 2 cents finishing at $1.65 per pound. Barrels took the opposite approach and the market rose a penny and finished at $1.48. The spread between blocks and barrels now rests at 17 cents, which is among the widest levels that the spread will encounter.
Grade A nonfat dry milk was up a penny to 92 ½ cents. Class III markets started firm but finished mostly unchanged with the average price of all months for now through December finishing at $16.76 per cwt, down approximately one penny.
Class IV markets traded sporadically and in the months with activity—June, July and August—prices were down approximately 20 cents.