Butter Takes A Slip, Class III Takes A Slide
It was a quiet CME spot trade to begin the week. Seven total loads were split among the only two products to actually trade higher.
Grade A nonfat dry milk traded three of those loads and rose ¼ cent to finish at 83 cents. While barrel cheddar rose a penny to finish at $1.48 and ½ cents after four loads moved from seller to a buyer. Block cheese did not trade, however it did move lower a penny and ¾ cents to finish at $1.57. This brings the block barrel spread to 8 and ½ cents.
Butter slipped a penny and ½ cents without trading, either. It finishes at $2.30 and ½ cents while dry whey remained unchanged. Nothing traded there either, 43 and ½ cents is it's finish once more.
The mix tone in product did nothing by way of favors for the Class III market where prices eroded slowly all-day long. By the sessions close, the average price from now through the end of the year fell 16 cents per cwt. to finish at $15.64. The 2019 average dropped to below $16 for the first time since July 20. That average now stands at $15.99, 3 cents below Friday's finish. Class IV markets remained unchanged.