Declining Values And Lackluster Volume Cause Milk Prices To Plummet
The seesaw experience and milk prices continued on Tuesday as cheese sold off yet again.
Blocks fell 4 and a half cents, without a single load trading. It moves back to $1.62 and a half, a price not witnessed since the 22nd of August. Barrels traded a single load and fell 6 and a half cents. It too returns to a price not seen since early last month.
Butter caught up in the spirit of the cheese action, it felt three and a quarter cent to $2.22 and a half after three trades took place. Yet again, the strength in the product trade was found in whey which moved another half cent higher. It did not trade but now finishes at 52 cents a pound right next to it. Grade A nonfat dry milk held its ground at 90 cents. It did not trade either.
Declining values and lackluster volume in the spot session caused milk prices to plummet. Class III prices now average $16.23 for the balance of the year, 26 cents lower than the Monday finish. The first half of 2019 dropped 13 cents to an average price of $15.99 while the whole calendar year of 2019 fell 9 cents to $16.18 cents per cwt. Lower butter prices pressured Class IV as well it's average for the balance of the year fell 14 cents to $15.08. While the 2019 calendar fell 3 cents to match the Class III average of $16.18 per cwt.
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