Cheese Markets Continue Decline, Milk Hangs On
Cheese prices continued their descent on Monday As blocks dropped to $1.5975 after 5 loads traded hands that was 1.25 cents lower than Friday’s trade.
Barrels followed suite dropping ¾ of a cent to $1.4475 per pound, 18 loads moved from seller to buyer and prices now stand at the lowest level since the third week of July. Butter took the opposite direction by rising 1.5 cents to $2.4625 per pound. Grade A nonfat dry milk remained unchanged, no trades took place. The final prices was 82.25 cents per pound.
Moving over to the weigh futures contract, prices continued Friday’s decline by following ¾ of a cent out through next spring. The average price for the first half of 2018 now stands at a level less than 33 cents per pound. Such a value has not been seen since fall 2016 and stands just 10 cents from multi-year lows.
Though the cheese trade was disheartening, Class III milk futures did not move very far. The average price from now through the end of the year finished at $15.78 per cwt, down 3 cents from Friday.
Class IV markets experiences small volume and rose a penny on its average to $15.92 per cwt.