CME Spot Product Markets Find Some Footing
CME spot product markets finally found some footing on Wednesday. Cheddar barrels traded 25 loads and had 10 uncovered bids and 2 offers as its price rose 5 cents to $1.25 and ½ cents per lb. Block cheese added 2 and ½ cents despite zero trades to close at $1.48 and ½ cents.
Butter traded 10 times and ¾ of a cent higher to $2.25 and ¼ cents. Grade A nonfat dry milk moved ½ cents higher following 4 trades and settled at 75 and ¼ cents per lb. The dry whey price grew 1 and ¼ cents to 40 and ¼ cents after 1 trade took place. Class III milk markets recovered as well.
June closed a penny higher at $15.23 cents per cwt. while the 3rdquarter jumped 23-39 cents per cwt. The 4thquarter traded 18-26 cents higher and January-April was up 8-16 cents per cwt. respectively. The 2ndhalf of 2018 is now offering producers $15.55 per cwt. Class IV milk closed with a 12 cent gain in July, a penny higher in August, and November was up 5 cents. All other months in 2018 and 2019 were unchanged. The 2ndhalf average in Class IV closed at $14.71 per cwt.