Class III Price Drops For The Third Straight Day
It was a quiet day in the CME spot trade. Only 11 total loads traded hands, 10 of which were barrels. Barrel cheddar rose 2 and ¾ cents to finish at $1.45 and ¾ cents. Blocks followed suit rising 3 and ¼ cents to finish at $1.57 and ¼ cents. The spread now stands at 11 and ½ cents between blocks and barrels. Blocks did not trade anything, however. That was also true of butter. It did not trade, it remained unchanged, and finished once more at $2.32 cents per lb.
Its action was paralleled by the whey market, which did not trade either, also finished unchanged once more prints 43 and ¼ cents as its final price. Grade A nonfat dry milk, however, was the loan descender moving ¾ of a cent lower. It finishes at 83 and ¼ cents, and you guessed it, it was the one other load that was traded from seller to buyer.
Despite the upward action in cheese, for the third straight day, Class III markets move lower. The average price from now through the end of the year finishes at $15.82 per cwt, down a nickel from Wednesday, the 2019 average however move the penny higher to $16.10. Class IV markets were mostly neutral with the average from now through the end of the year finishing unchanged at $15.28 while the average rose a penny as well to $16.17.