Ground Lost At Market
After putting together a solid trading session on Thursday, resulting in the August contract up 33 cents and September-December markets up double digits, Friday’s milk futures trade gave back most of those gains.
July fell a penny while August dropped 22 cents and 16 cents in September respectively. The 4thquarter 2018 prices were down 3-9 cents per cwt. as the 2ndhalf futures average closed the week at $15.13 per cwt. The 2019 prices felt pressure as well as it declined 2-7 cents with the 2019 average finishing at $15.92 per cwt.
CME spot product markets were a mixed bag Friday. Butter added 1 and ¼ cents per lb. to $2.22 and ½ cents while barrel cheese gained a penny to $1.42 cents per lb. Dry whey was unchanged at 41 and ¾ cents. Grade A nonfat dry milk fell ¾ cents while block cheese softened ½ cent to $1.56 per lb.
For the week, cheddar barrels traded 49 loads at an average price of $1.35 and ¾ cents up 2 and ¾ cents from the previous week. Blocks traded 8 times with the weekly average at $1.55 per lb. down ½ cent. Butter had an average trade price of $2.21 and ¼ cents as 21 loads moved. Grade A nonfat dry milk added 1 and ½ cents from last week as all 11 loads moved. Dry whey traded 7 times with an average price of 41 cents per lb., up a penny.