Class III Drops Another 12 Cents
As was the case on Thursday, barrel cheese instilled great hope in those yearning for a higher price as early in its session the market rose 5 cents before sellers stepped in and drove prices a penny lower to finish at $1.54. Block cheese finished 1/4 cent higher at $1.64 1/4 while butter dropped 3 3/4 to a final price of $2.45 3/4.
Grade A nonfat dry milk dropped 1 3/4 cents to finish at 82 1/2 cents. That represents the lowest price since April of this year.
Looking at the week's average:
- Butter finished at an average price of $2.45 3/4 for the week, spot on with Friday's finish
- Block cheese finished at an average of $1.63
- Barrels averaged $1.55 2/3
- Grade A nonfat dry milk averaged 84 1/3 cents
The rise and fall of barrels only added to the dismay of the Class III market as prices dropped 12 cents in the average between now and the end of the year to finish at $15.94. This is the first time that the average for these months has been below $16 since last June.
The Class IV market dropped as well, finishing at an average price of $15.93 per cwt.