October 10, 2017

Cheese Losses Drop Class III Prices

 |  By: Know Your Market

Weakness in the CME spot product session led to double digit losses in the Class III milk markets on Tuesday.

Cheddar blocks fell a quarter cent on five trades to finish at $1.75 3/4. Cheddar barrels declined a half cent to close at $1.70 1/2. Butter was the lone product to trade higher and moved up a half cent to $2.32 1/2. Grade A nonfat dry milk produced the largest loss on Tuesday as spot markets dropped 1 3/4 cents to 80 1/2 cents. This is the lowest spot price since April 6, 2017 for nonfat dry milk. Powder futures prices also dropped 1 to 3 1/2 cents. Dry whey futures weakened by a half cent to 36 cents per pound.

Class III milk futures markets dropped 5 cents in October, 19 cents in November and 25 cents in December. 4th quarter 2017 average settled at $16.25 per cwt. First half 2018 closed 10 to 20 cents lower to close at an average price of $15.60 per cwt while July was down 19 and September through November declined 4 to 7 cents. August and December 2018 did not trade. Class IV milk markets showed no change on Tuesday.

This block is broken or missing. You may be missing content or you might need to enable the original module.