Markets Continue To Tumble
CME spot product markets on Wednesday saw cheese prices stumble further after weakness in GDT cheese prices earlier this week. Blocks declined 1 ¾ cents to $1.5075 while barrels dropped 2 ¾ cents to $1.40 even. One trade appeared in the blocks and 8 trades took place on barrels. Butter added 1 ¼ cents after two trades came to the market. Butter settled at $2.22 per pound. Grade A nonfat dry milk was unchanged at 67 cents and dry whey futures were a half cent higher in the first quarter.
Class III milk futures showed very little change on Wednesday. January to June 2018 ranged from 5 cents lower to 5 cents higher to close with an average price of $14.00 per cwt. July and September added 5 cents apiece while all other 2nd half months were unchanged. The second half of 2018 is averaging $15.50 per cwt to bring the full year average to $14.75.
Class IV milk futures saw softer trade March through May, down 8-13 cents while August fell 2 cents to $14.65 per cwt. The 2018 full year average for Class IV currently stands at $14.25 per cwt.