Cheese, Whey Lead Milk Prices Higher
In Thursday’s CME spot product trade cheese markets traded higher and lead Class III futures prices up. Cheddar blocks ended a penny higher at $1.49 per pound on a single bid. Cheddar barrels finished at $1.42 per pound, up 2₵ on the day.
No changes occurred in the butter market on Thursday which closed at $2.12 per pound. Grade A nonfat dry milk dropped 0.25₵ to 85₵.
Also giving support to Class III futures on Thursday was dry whey. Whey prices increase 1.25₵. Since the beginning of April, whey prices have increased 4.5₵ to 50.5₵ on the May contract.
Class III markets saw double digit gains in most months except November and December. May thorugh October contracts gained 20₵, while November was up 8₵ and December was down 1₵. With the move, second half futures are averaging $16.60 per cwt. The first half of 2018 also saw action. January was down 8₵ while March finished up 9₵.
Class IV markets saw no change on Thursday. May and June are currently offering $14.38 per cwt, while the second half has a $15.12 per cwt average.