Class III Inches Higher Off Of Product Volatility
After three successive higher finishes in the grade A nonfat dry milk market, prices dropped 2 1/2 cents on Wednesday to finish back at 70 1/2 cents per pound. That's the same settlement experienced on November 21 and the lowest price since April 8, 2016 when the market set its low for the year at 69 cents.
Moving in the opposite direction was butter. It rose 2 cents on Wednesday's session of the CME spot trade to finish at $2.20 1/2.
After yesterday's two sided trade in the cheese market blocks fell a penny to $1.60 while barrels moved 3 cents lower to $1.51. The spread between the two markets now stands at 9 cents.
Despite the negativity, Class III milk markets found a way to move higher. Prices were elevated by 5 cents over Tuesday's finish for the first half of the year. The average price for that period stands at $14.77. All of calendar 2018 now stands at $15.23, also a nickel higher over Tuesday's finish. Class IV markets saw little volume and remained unchanged.