Class III Up 18 Cents
Barrel cheese tiptoed lower as an offer of one contract at a time eventually led to a total of nine loads being moved from seller to a buyer. In the end, barrels finished at $1.60, down 2 cents from Friday. Block cheese on Monday went the other direction, moving 3/4 cents higher on a single load to finish at $1.64. Butter brought the biggest volume to the table as 17 loads were traded. It finishes 1/2 cent higher at $2.34 per pound. Grade A nonfat dry milk moved a 1/4 cent lower back to 84 3/4, no trades took place. However, dried whey went 1/2 cent higher to finish at 33 cents. That's now the highest price that's been traded for whey in the CME spot trade since it began its trade in mid March.
While each penny of whey accounts for about 6 cents of value in Class III milk, the recent move from mid to upper 20s has added about 50 cents to nearby milk contracts. All of this said, the spot trade did little to influence the Class III milk market where prices started firm and remained firm all day. In the end, the average price for all months from now through December finished at $16.40 per cwt, 18 cents higher from Friday. Class IV saw little to no activity. It's average for the balance of the year finishes at $15.61 per cwt.