Class III Markets Remain Stable, For Now
Class III markets over the remaining months of 2018 finished unchanged in their average at $14.98, though that was considerably better than where the market was earlier in the session.
Prices in nearby contracts were down as much as 15 cents before the CME spot trade swept in and rescued prices. Bringing nearby contracts back the positive levels, eight loads of barrels traded hands driving the price 7 and ½ cents higher back to $1.33 and ¾ cents. This narrows the gap between blocks and barrels to 20 and ½ cents, which, still wide, is much better than where the spread has been of late.
Blocks finished unchanged, again, not trading a load, prices once more at $1.54 and ¼ cents. Butter prices also rose, this time 2 and ½ cents after three loads moved from seller to a buyer. It finishes at $2.22 and ½ cents. Grade A nonfat dry milk, much like blocks, and just like yesterday, finished unchanged after no trades took place. Seventy-seven and ¼ cents is its price.
Once more dry whey finishes ¾ of a cent higher back to 40 and ½ cents per lb. A single load traded hands. Class IV markets again found lift in the positive butter trade though it's gains were slight. Its average again finishes unchanged at $14.49 from now through December.