Class III Futures Take Another Dive
After a short breather on Thursday for the CME spot product market, selling pressure picked up once again on Friday. Cheddar barrels traded 10 loads and 12.5 cents lower to $1.51 ¾. Blocks also fell 11 cents and ended at $1.70 ½ per lb. Butter softened 2 ¾ cents with a single load moving from seller to buyer. Butter settled at $1.53. Both dry whey and Grade A nonfat dry milk closed unchanged at 32 and 95.5 cents per lb., respectively.
Class III milk futures took it on the chin once again Friday losing 42 cents in August to $19.39. September fell 66 cents and October was also down 63. November through January weakened 24-48 cents per cwt. The remaining 2021 months fell slightly.
Grain markets felt the pressure as well on Friday as corn declined 3 cents, soybeans were down 10 cents, and the wheat complex fell 1-5 cents per bu.