Class III, Products Move In Opposite Directions
The trend of lower prices established in Thursday's CME spot dairy trade followed through in Friday's trade. Butter dropped 1 1/4 cents after two loads traded hands. It finished at $2.28 3/4. Grade A nonfat dry milk followed suit, dropping a 1/4 cent. It did not trade and it finishes at 73 1/4 cents. Block cheese dropped 1 1/2 cents as well, finishing at $1.60 1/2, one load moved from seller to buyer. Barrels remained unchanged. They did trade two loads and finished at $1.46. Dried whey also remained unchanged, finishing at 30 1/2 cents. No trades took place in Friday's session.
A closer look at the week's averages for these five products found butter at $2.31, block cheddar at $1.6210 barrel cheddar at $1.47, grade A nonfat dry milk at 73 1/3 cents for its average and dried whey rounding out the week with an average price of 30 1/2 cents, the same value that it showed in the last three sessions.
While the product trade may have suggested lower values for Class III milk, a rebound in Friday afternoons trade allowed Class III prices to rise on average 9 cents from now through December. That average now stands at $15.61 per cwt. Class four markets remained quiet all day to finish unchanged at $14.78.