Class III Markets Mixed
Little change took place in the CME spot product markets on Wednesday. Dried whey along with cheddar blocks and barrels all finished unchanged. Dried whey closed at 30 3/4 cents per pound while block settled at $1.63 but failed to trade. Barrels moved six loads at a price of $1.48 per pound. The butter market added 1 1/2 cents per pound and 14 trades and closed at $2.30 3/4. Grade A nonfat dry milk traded 15 times and a 1/2-cent higher to settle at 77 1/2 cents per pound.
Class III milk markets reacted in a mixed fashion. April and May closed even to two cents higher while June through August softened 48 cents. Beyond August markets finished even to four cents higher. January through April 2019 traded a penny higher to 9 cents lower on very limited trade. Class IV markets watched May through July trade 20 to 28 cents higher. No other month had any trading activity.
The Crude oil market stole all the excitement Wednesday. Front months jumped over $2 per barrel and closed above $68 per barrel. One would have to look back all the way to October 2014 to see values of equal price. Since the year began oil markets have climbed $8.50 per barrel.