First Quarter of 2019 Futures Drops 5 to 8 Cents
In closing out the week on Friday, Class III milk futures experienced small losses. May 2018 fell a penny to $15.18 per cwt. while June to December dropped 2 to 7 cents. At the close of the trade, the second half Class III average was offering producers $16.67 cents per cwt. The first quarter of 2019 dropped 5 to 8 cents while April through July ranged from a penny higher to 2 cents lower.
CME Spot product market results were a mixed bag on Friday. Cheddar blocks were 1 and ½ cents lower on three trades and posted a settlement after five loads moved hands. For the week, blocks traded 12 loads and added 2 cents to its average trade price when compared to a week ago.
Barrels saw 41 trades take place at an average price of $1.55 and ½. Butter traded 13 times and 1 and ½ cents higher to $2.41 and ½. Forty-one transactions took place this week at an average price of $2.41 and ¾ cents per lb.
Grade A nonfat dry milk closed Friday unchanged at 84 and ½ cents per lb. Three trades were seen on Friday and 19 for the week. Dry whey added ¼ cent to 37 and ¼ per lb. with just 4 trades all week.