Class III Futures See Nice Bounce
Although little change took place in the CME spot product market prices on Thursday, activity and volume picked up leading Class III milk prices higher.
Cheddar blocks and barrels both closed unchanged. Blocks settled at $1.60 per pound after 11 trades took place and barrels finished at $1.51 per pound on nine trades, one bid and an offer. Butter gained a quarter cent after six loads traded hands and grade A nonfat dry milk added a penny to its price to close at 71 1/2 cents.
Class III milk futures reacted to the product markets, finally finding a little footing with nice gains. December jumped 12 cents to close at $15.37 per cwt. First half 2018 rose 13 to 22 cents on Thursday and closed with an average price of $14.94 per cwt. Second half prices added 9 to 17 cents and closed with an average of $15.75. As a whole, 2018 is now offering producers $15.32 per cwt. Class IV markets were all unchanged as August was the only month to trade. December 2017 is trading at $13.60 per cwt while the full 2018 market offers producers $14.71 per cwt.