Class III Markets Find Support
Barrel cheddars succumb once more to its recent tendency to move lower falling 5 cents on Friday to close out the week with 11 trades and finishing at $1.42. That is the lowest price witness since July 31. Blocks drop the penny and a half to finish at $1.60 and a half on just three loads.
The only other product to trade was butter, one load moves from seller the buyer however it remained unchanged at $2.23 and a half. Grade A nonfat dry milk rose a quarter cent to 87 and a half, but no trades were tendered. Dry whey had the same performance no trades took place, it remains unchanged and finishes at 52 and a quarter cent.
Since August 21 only five sessions of spot way ended with unchanged results, three of them were this week. This week's average for these five products in the CME spot trade where as follows: butter $2.23, block cheese $1.63, barrels $1.47, Grade A nonfat dry milk at 88 and a half cents a pound, and dry way just over 52 cents a pound.
Class III markets found late session support that move prices from a lower trade to a higher one. By the end of the session, the average price from now through the end of the year finished 6 cents higher at $16.19. However, the 2019 calendar average fell a penny to finish at $16.10. Class IV markets followed a similar pattern rising 3 cents in the average from now through December to close at $14.97. The 2019 markets remained unchanged at $15.94.