Cheese Trade Move Class III Prices Higher
The last full week of trade in the year 2018, CME spot trade had great performance.
Block cheddar ended on a high note rising 6 cents, but I'm just one trade it finished at $1.43. Barrels were up a half a cent to finish at $1.29 per pound, four loads moved from seller to buyer there. Whey, however, fell a penny with no loads trading, it finishes at 48 cents. Grade A nonfat dry milk dropped a quarter cent the 93.75 cents with just a single load moving from seller to buyer. Butter dropped a quarter cent on no trades to finish at $2.2175.
It was a quiet week overall in terms of volume. Butter traded only a single load through the course of the week and finished at an average price of $2.21, block cheddar traded five loads and finished at an average price of $1.37. Barrels had the most volume, 18 loads moved, it finishes at $1.2875 for the week’s average. Nonfat dry milk averaged 93 cents for the week, three loads traded hands. Whey did not trade at all through the course of the week, it finishes at 48.75.
The higher cheese trade caused Class III prices to move higher. The average for the first half of 2019 rose 11 cents to $15.24. Class IV markets saw little volume, its average rests at $15.72 per cwt unchanged from Thursday. Dairy markets will resume trade on Monday as we head into the new year.