Friday Milk Markets Shake Thursday’s Sell Off to End The Week Higher
Early weakness in Friday’s Class III milk trade following a sell off on Thursday was shook off as futures prices ended higher especially in the second half off the year. December milk closed 18 cents higher to $19.55 per cwt. First quarter prices ranged from 3 lower to 7 cents higher. Second quarter through the end of the year closed even to 12 cents stronger. Class IV markets traded slightly higher as well.
CME spot product markets on Friday were mixed. Butter closed unchanged at $1.91 ½ with no trades taking place. Cheddar blocks lost a quarter cent on a single offer left hanging in the market. Barrels fell 1.5 cents on two offers settling out at $2.22 ¾ per lb. Grade A nonfat dry milk added 2 cents to $1.26 ¾ with 3 loads moving from seller to buyer. Dry whey settled out unchanged at 36 ¾ per lb. For the week, butter, blocks and barrels each traded 9 loads and nonfat moved 10. Butter dropped 7 cents on its weekly average compared to last while all other products finished better than last week.
Corn added a penny Friday while soybeans were up 5, and the wheat complex ranged from a penny higher to four cents lower.