Dairy Markets Move Slightly Higher This Week
CME spot product markets on Friday were led by butter and Grade A nonfat dry milk. Butter fell 2.5 cents following 13 trades, 10 uncovered bids and 2 offers. Nonfat dry milk added 3.25 cents to 86.25 cents per pound with three transactions taking place. Barrels declined a half cent to $1.67 per pound while blocks closed unchanged at $1.655. Dry whey was also unchanged at 44.5 cents.
For the week, barrels were the big winner on the product side. Barrels traded 40 loads at an average price of $1.6675, up 13.25 cents week over week. Blocks moved 6 loads in total and added 4.5 cents. Twenty-two trades were made for butter this week adding 2.5 cents to the average price. Dry whey failed to move any product on the spot market, while Grade A nonfat dry milk lost a half cent on the weekly price following 14 trades.
Class III milk gained 2 cents on Friday to $15.01. September and October fell 8 and 7 cents respectively. November closed even on the day while December was up 3 cents. January through July closed 1 to 9 cents higher. Class IV milk softened 3 to 13 cents September through December.