It Was Butter’s Turn To Shine
It was butter’s turn in the CME spot trade to move higher and lead the pack in volume, 15 loads move from seller to buyer as prices rose 2 and a quarter cents to finish at $2.32 cents a pound. Barrel cheese rose another quarter cent after eight loads traded to move to $1.40. While block cheese remained again unchanged, did not trade and once more finds itself at $1.66.
Dry whey made another new record. It made its largest move higher since August 23, rising a penny and finishing at 54 and a half cents. Grade A nonfat dry milk was unchanged did not trade and again is at 87 and a half cents.
Referencing the USDA is weekly National Dairy products sales report, the average price for butter meeting double A standards averaged $2.25 per pound for the week ending September 22. Cheddar blocks average $1.69 while barrels averaged $1.59 per pound, down 4.2 cents from the week prior.
Extra Grade dry whey averaged 41 and a half cents per pound, while extra Grade nonfat dry milk averaged 85.8 cents per pound. prices dropped a penny in the fourth quarter average of Class III to finish at $16.17, while the average for the first half of 2019 dropped 2 cents to $16.02. Class IV markets remained unchanged.