Dairy Markets Receive A Positive Lift
As traders waited for news of the outcome of discussions between Mexico, Canada and the United States, dairy markets received a positive lift across the board with one notable exception and that was butter. In CME spot trade on Friday, butter fell 5 and three-quarter cents with no trades taking place to finish at $2.21 and a half. The balance of the spot trade took the opposite path.
Blocks rose a penny and three-quarters on two trades to finish at $1.69 and a half. Barrels traded almost half of this week's volume with 15 loads moving from seller to buyer, the prices rising 2 and a half cents to settle at $1.64 and a half. Grade A nonfat dry milk rose a quarter cent to finish at 88 and a half cents on Friday while dry whey rose another three-quarter cents to round out the week at an even 50 cents, a new record, and like others no trades took place there either.
Average prices for products for this week was as follows; butter $2.27, blocks $1.67 and a quarter, barrels just under $1.62, Grade A nonfat dry milk 87 and three-quarter cents, dry whey just under 49 cents.
Class III markets found favor in the eyes of traders as well the average from now through the end of the year rose 12 cents to $16.57 cents. The 2019 calendar rose 3 cents to $16.19. Nearby Class IV markets were softer in lieu of the lower butter trade, however the 2019 calendar rose 3 cents as well to finish at $16.10.