Class IV Markets Continue Significant Decent
Grade A nonfat dry milk had the trader’s focus on Friday as 24 loads traded hands. Seven bids and 10 offers were left hanging at the close. In the end, dry milk declined a half cent to 72 cents per pound. On the week, 28 trades took place on nonfat dry milk at an average price of 73 cents per pound, down 2 cents from the prior week. Butter finally found some footing as it gained a penny on 6 trades to settle at $2.2325 cents per pound. Butter dropped 5 cents this week on 22 trades.
Spot cheese markets didn’t trade. Blocks weakened 2.5 cents to $1.715 per pound while barrels were unchanged at $1.715 per pound as well. Blocks traded 3 times this week and finished 2.5 cents lower while barrels were up 2.75 cents on 14 trades.
Class III milk futures markets were unchanged in 2017. November closed at $16.56 per cwt and December settled at $15.73. 2018 showed softness in the 1st quarter and prices beyond that ranged from down 2 cents to up 9 cents. The first half of 2018 is now averaging $15.35 per cwt. The full year of 2018 finished at $15.70.
Class IV milk markets continued their decent. April 2018 traded 19 cents lower, July dropped 6 cents, August 10 cents and November was down 5 cents per cwt. The first half of 2018 is offering $14.43 per cwt while the full year is averaging $15.00.