Markets Continue Lackluster Trades
CME spot product markets on Monday were quiet and had mixed results. Cheddar blocks dropped 2 1/4 cents and settled at $1.69 1/4 per pound. Barrels finished unchanged at $1.71 1/2. Butter declined 3/4 of a cent to $2.22 1/2 while nonfat dry milk gained 3/4 of a cent. Dry whey futures fell slightly.
Class III milk futures continued their downward descent on Monday. November was the lone month to trade higher, up 2 cents. December 2017 was down 10 cents. 2018 prices declined anywhere from 3 to 18 cents January through November. December didn't trade. At the close, 2018 was averaging $15.65/cwt.
Over the past week of trade, January has lost 55 cents/cwt and is now within 4 cents of its October 20 low. First half 2018 dropped to $15.25/cwt, a new low for that 6 month stretch.
Class IV milk markets continue to struggle as well. December 2018 was down 11 cents to $13.80/cwt. February and March softened 9 and 14 cents respectively while May dropped 6 cents and June was down 2 cents. All other months in 2018 were unchanged.