Class III Bucks Trend, Finishes Higher
Grade A nonfat dry milk was finally able to break the trend of all four product markets collectively moving lower this week. Butter and cheese continued to falter, however. Nonfat dry milk gained a half cent to get back to 67 cents per pound. Butter fell 1 1/4 cents to close at $2.15 1/2. Cheddar barrels dropped a half cent to close at $1.29. Cheddar blocks fell to $1.43 3/4, down a quarter cent on the day.
Class III milk futures were able to muster another day of higher trade despite cheese prices softening. Milk moved 4 to 8 cents higher from January to August. The first half of 2018 closed at $13.75 per cwt. September through December prices settled 2 cents lower to 2 cents higher. The full year of 2018 gained 3 cents to close at $14.60 per cwt. Class IV had softer trade with June down 9 cents, August down 11 and September down 7 cents.