Class III Climbs Despite No Cheese Trade
The cheese trade portion of the CME spots session was a ghost town on Wednesday. No traders bothered to show up, no bids were tendered and no offers were put forward. Nothing happened. Prices remained unchanged at $1.70 1/4 in blocks and $1.65 in barrels and the whole trade was done inside of two minutes.
Butter rose 4 1/4 cents to provide some liveliness to the market. It moves to $2.34 1/2 after 12 loads traded hands. Grade A nonfat dry milk took the opposite direction, falling 3 cents after 3 loads traded and it finishes at 83 cents a pound. Dried whey once more finishes unchanged with no trades at 32 cents.
The Class IV market grew weary despite the higher butter trade. The average price from now through December finishes at $15.63 per cwt, down a nickel from Tuesday. Class III markets rallied despite the quiet cheese trade to finish at $16.38 per cwt in its average from now through December, 9 cents higher over Tuesday's finish.
On a side note, the USDA will put forward their May supply and demand estimate report at 11 o'clock. central time on Thursday.