December 13, 2017

Class III Futures Take Nice Jump

 |  By: Know Your Market

Class III milk futures on Wednesday closed with very mixed results. After beginning the day lower, January and February jumped 24 and 20 cents respectively. march also added a dime to its price. At the close, the first quarter of 2018 was averaging $14.44 per cwt, up 18 cents compared to Tuesday's settlement. Trade beyond January and February was much more subdued. April to July slipped 1 to 7 cents, August gained 2 cents, and September to December dropped 1 to 4 cents. Class IV markets saw February drop 4 cents and September was down 9 cents. to $14.90 per cwt.

CME spot product markets saw blocks add a penny to its price after 1 trade and 2 bids. Blocks closed at $1.45 1/2. Barrels continued their large trading sessions this week as another 16 loads changed hands and 12 bids were present. The barrel price finished unchanged at $1.67 per pound. Butter traded three times and a half cent higher to $2.21 1/2, while grade A nonfat dry milk dropped a penny to 67 cents per pound. Dry whey futures markets lost another 1 1/2 cents to continue its downward descent, now 4 1/2 cents lower since December began.