Damage Already Done For Class III Milk
Despite positive performances in both cheese and whey, product trade was unable to undo the damage that was done in the early morning trade of Class III milk. Barrels rose 1 and ¾ cents to $1.26 and ¼ cents with six loads trading hands, while blocks remained unchanged and finished again at $1.54 and ¼ cents after no trades were registered.
Dry whey rose ¾ cents to finish at 39 and ¾ cents, just ¼ cent below 40 cents per lb. This does not come as a surprise given that since the 12th of June, the price of dry whey in the CME spot session is now wandered more than a penny from that same 40 cent price, with exception given to June 28 when it finished at 41 and ¼ cents.
Adding more positivity to the CME spot trade, butter rose 3 cents to return to $2.20 cents per lb. Eight loads moved from seller to buyer. Grade A nonfat dry milk was unchanged and, like blocks, had no trades. It finishes at 77 and ¼ cents.
Class III markets for the balance of the year continued their path lower finishing below $15 in the average for the first time in the history of those contracts. It closes the day at $14.98. That was a 10 cent decline from Friday's finish inspired by a stronger butter trade. Class IV markets rose 16 cents in their average for that same period.