Class III Price Rally Stalls
Early gains in the Class IIII milk futures markets were lost late in Wednesday's trading session. The milk market which had double digit follow through strength after GDT's positive movement ended up 10 to 15 cents lower from February to April. May through July also fell 3 to 9 cents. August and beyond settled unchanged to 7 cents higher. The February through December 2018 average closed at $14.80 per cwt.
Class IV markets had a rough showing on Wednesday as well. February through April dropped 12 to 27 cents while July through September fell 17 to 23 cents per cwt. The Class IV full year average ended up at $14.17 per cwt.
CME spot product markets were mainly softer on Wednesday. Barrels declined 2 cents to $1.35 per pound with seven trades and 2 offers. Butter fell a penny to $2.07 1/2. Grade A nonfat dry milk softened 3/4 of a cent and ended up at 73 1/2 cents per pound. Blocks were the lone product to trade higher as it gained a quarter of a cent and settled at $1.52 per pound.