Market Volatility Continues
In the last four trading sessions of the CME spot trade there seems to be as much confusion about which way butter should go as which bathroom one should use in certain parts of the country.
Last Friday, prices were up 2.25₵. On Monday’s trade, prices dropped 1.5₵. On Tuesday, markets rose 6.25₵. On Wednesday, prices dropped 4₵ and at the end of the trade 13 offers were left standing. If those offers had found eligible bidders it would have doubled the weekly volume. In the end, only one trade took place and the final price was $2.0975 per pound.
Looking elsewhere, Cheddar blocks were down a penny. No trades took place and the final price was $1.5425 per pound. Its counterpart, the barrel market was down 75₵ to $1.42 on 10 loads. The barrel market continues to be one of the more active sessions in the spot market.
Grade A nonfat dry milk was unchanged again. No trades took place and the market finished at 85.25₵.
In the Class III market, prices out through August were down single digits while the September through December markets took the opposite approach and were up single digits. In the end, the average price through the end of the year was unchanged at $15.97 per cwt.
Very little volume in the Class IV market was seen. May was down 4₵ and June was unchanged.