Cheese Looks Impressive in the CME Spot Dairy Product Session
Cheese had an impressive showing in the CME spot dairy product session on Friday.
Cheddar barrels traded 15 loads and 4 and ¾ cents higher to $1.56 per lb. The average barrel trade price this week was $1.52 and ½, down 2 and ¼ cents after 39 trades. Blocks followed up by bouncing 3 and ½ cents higher to $1.63 and ½ on a single unfilled bid.
There were 35 trades that took place on barrels this week. Butter was unchanged despite 6 trades, but down 2 and ¼ cents on its average weekly trade price following 19 trades. Dry whey added ½ cent to 41 and ¼ cents per lb. on Friday. Grade A nonfat dry milk fell 2/4 of a cent to 80 and ½ cents on 5 trades, 5 bids and 4 offers. 14 loads moved at an average price of 81 cents, down 2 and ¼ cents from last week.
Class III milk futures ranged from a penny lower to 4 cents higher in 2018 The 2019 markets saw greater growth in prices as they were up 1-21 cents per cwt. Class IV markets were down slightly.