Butter Prices Rebound
Butter prices on the CME spot trade rebounded 4 cents on Thursday to finish at a price of $2.31, erasing all but a penny of the selloff that came on Tuesday. The butter trade represented the most active session of all products with 13 loads trading hands.
Block cheese joined in rising 1/2 cent to end at $1.71 3/4. Barrels, however, finished unchanged at $1.70 1/4. Grade A nonfat dry milk also finished unchanged at 74 1/2 after two loads changed hands.
The absence of continued bleeding in the powder market allowed whey futures prices to rebound as well on Thursday. Prices for fourth-quarter contracts rose more than a 1 1/2 cents on average with January and February rising by a penny or more. Despite the higher trade, 2018 prices still run at an average less then 30 cents per pound.
Class III markets began the day with active bidding, however early gains were not able to hold through the product trade. In the end, the average price for the first half of 2018 finished at $15.46, 4 cents higher than Wednesday's finish. Class IV markets were helped by the higher butter trade with October, November and December contracts all trading higher. This did not impact 2018 prices, however. The average for the first six months remained unchanged at $14.59.