Market Prices Up Across the Board on Wednesday
A clean sweep of higher product prices in the CME spots session was the result on Wednesday. Butter lead the higher trade adding 4 cents of value to end up at $2.24 per pound. Cheddar blocks followed suit and jumped 2 3/4 cents to $1.40 per pound following five trades and two uncovered offers. Barrels traded three times and a 1/2 cent higher to $1.36 per pound.
Grade A nonfat dry milk finished at 87 cents per pound, up 3/4 quarters of a cent. Dried whey finally found some support trading twice along with 13 uncovered bids. Whey strengthened 1/2 cent and settled at 43 cents per pound.
Class IV milk harnessed the strength in butter and turned in a solid outing Wednesday. November added 13 cents while December was up 15. 2019 months ranged from 20 to 27 cents higher January through October while November added 31 and December jumped 36 cents respectively. The first half 2019 average on Class IV now stands at $15.39/cwt while the full year is offering $15.78.
Class III had modest gains. November and December 2018 were up 9 cents respectively. 2019 months ranged from even to six cents higher. The average first half 2019 Class III price Is $15.45 and the full year closed at $15.89/cwt.