Class III Futures Move Over $14
While there wasn't much volume to speak of in today's CME spot product trade, prices moved in a direction that caught the Class III market's eye.
Butter rose 3 1/4 cents to a final price of $2.06 1/4 while block cheese rose 3/4 cent, erasing yesterday's losses and returning back to $1.51. Barrels rose a 1/4 cent to finish at $1.36 1/4. Grade A nonfat dry milk was the lone dissenter, dropping 1/2 cent to 73 cents per pound.
Class III milk foreshadowed the move higher in products, starting the day up a few cents, and in the wake of the high product trade they continued their trek upward. In the end the average from now through June rose 13 cents to an average of $14.01. That's the first time we registered a value north of $14 since January 17. The balance of the year rose 7 cents to $15.72. The whole year's average now stands at $14.86. As usual the Class IV market saw little volume with prices moving only a penny higher in the January through June average, resting at $13.48.