Class III Makes Nice Gains
Spot CME trading on Thursday was consistent with the trend that has been set the previous three days. Cheddar cheese softens, butter rises, and nonfat dry milk takes a nap. Blocks fell another penny and a quarter to $1.495 per pound on one bid and two offers. Barrels declined a quarter cent to $1.3975 per pound, also on one bid and two offers. Butter gained a cent and closed at $2.23 with five loads moving hands. Grade A nonfat dry did see a few trades, bids and offers Thursday, however, it continues to remain unchanged at 67 cents, where it has been all week. Dry whey futures all finished higher, January – December months ranged from 6 tenths of a cent to 2 cents higher.
Class III milk futures made nice gains Thursday. May was the lone month to finish unchanged whereas the remaining months in the first half were 4-12 cents higher. Second half prices gained 1-5 cents, pushing the full year average to $14.80.
Class IV milk was unchanged all the way through 2018 with only February trading. March 2019 settled 10 cents lower to $15.90.