Cheese Markets Surprise Some
Jim Nabors affectionately known to many for his role on The Andy Griffith Show as Gomer Pyle passed away last week. Certainly his passing was a loss. If he were around today to analyze the movement between blocks and barrels in the CME spot session he might say, “Surprise, surprise, surprise.” Of course this comes as no surprise to anyone watching this relationship closely.
To that end, once more blocks drop 3/4 of a cent to a $1.5125 per pound. While barrels rose a penny and a quarter to $1.5625 per pound. Again barrels traded the most loads of any product exchanging 13 from seller to buyer. Butter rose a penny to $2.20 per pound and Grade A non-fat dry milk rose a quarter cent to finish at 71.25 cents.
Despite the generally higher tone of product trade there was a general disinterest of the Class III market to follow. Prices moved a few cents higher in some months and a few cents lower in others. In the end, the average price for the first six months of 2018 rose a penny to $14.70 per cwt while the whole year average dropped a penny to $15.23 per cwt.
Class IV markets saw little volume and remained unchanged as well.