Government Shutdown Continues, Price Shutdown Begins
The government is still shutdown, but the CME spot trade is not. However, on Monday it did end down for most products, that is.
Butter dropped two cents to $2.23 cents per pound on a single load. Block cheese fell a penny and three-quarters without trading to finish at $1.40 while barrel cheese dropped a penny to end at $1.29 and a quarter. It had the most volume of any product, trading five loads from seller to buyer.
Dry whey fell three-quarters of a cent on three loads. It finishes at 48 and a quarter cents. Grade A nonfat dry milk was the only product to remain unchanged. It did not trade, and it finishes once more at 97 and a half cents, a price that has been pretty rare since early 2017.
Class III markets did not take kindly to the lower whey and cheese trade. Prices fell on average 10 to 15 cents out through the third quarter of 2019’s calendar. The first half of the year averages $15.15, down 12 cents from Friday's finish.
Class IV markets saw more weakness in the second half of the year and some strength in the first half of the year. The average for the first half finishes at $16.11 cents, up four cents, while the second half of the year averages $16.86, down five cents from Friday's close.