Cheese Market Continues To Weaken
Growing weakness in barrel cheddar translated to a four cent loss in Thursday's CME spot session where two loads traded hands and the final price stopped at $1.2425. This is just a ¼ cent over the low that was established last week and now just 3.75 cents off the lowest price traded all year. Block cheddar did not succumb to that pressure. It remained unchanged. It did not trade and it finishes once more at $1.35 per pound.
Weakness was observed elsewhere. In Grade A nonfat dry milk prices dropped 1.75 cents after two loads moved from seller to buyer, it’s final price 89.25 cent. Dry whey dropped 3/4 of a cent as well on a handful of trades to finish at 43.75 cents, while butter moved in the opposite direction rising 2.25 cents to $2.25 per pound, four loads traded hands.
In the background a very unstable broader economic picture continues to unfold, where on the
Thursday the Dow Jones Industrial Average was down as much as 900 points before recovering, moving back towards Wednesday's finish. That average still finds itself more than 1,000 points off of where it was on Monday.
Class III markets moved lower with the first half of 2019’s average slipping below $15 to a price of $14.95 down 13 cents from Wednesday. Class IV markets in that same period dropped eight cents to $15.31.