Class III Futures Experience Double Digit Gains
Follow through strength in the dairy markets was seen on Wednesday after the Global Dairy Trade led prices higher on Tuesday. Cheddar barrels and Grade A nonfat dry milk carried most of the product activity Wednesday.
Barrels traded 16 loads and closed at $1.3225, up 4 ¾ cents for the day. Grade A nonfat dry milk finished 1 & ¾ cents higher to 20 ¾ cents after 10 trades, 13 bids, and 11 offers. Cheddar blocks jumped 5.5 cents to $1.5225 on 2 bids. No trades or offers were presented. Butter lost a penny and settled at $2.15 per pound. One trade took place. Dry whey futures were up a quarter cent to a penny higher as well.
Class III milk futures experienced double digit gains in the February through June timeframe. February and March were up 32 cents apiece. April through June added 8-21 cents. At the close, first half 2018 was averaging $14.03 per cwt. July through December months were up 4-12 cents and helped raise the full 2018 average to $14.81 per cwt. Class IV milk futures were also up Wednesday. February through September markets jumped 8-24 cents higher and settled with a full year average at $14.11 per cwt.