Markets In Favor Of Cheese
Thursday's trade was all about cheese. Blocks advanced another 4 cents higher without a trade taking place but moving the final price to $1.64 and ½ cents. That is the highest price that's been witnessed since May 10, and is only 5 and ¾ cents from the highest price paid for block cheddar all year.
Barrels followed suit trading five loads moving 5 and ¼ cents higher and finishing at $1.56 and ¾ cents. Whey was more neutral finishing unchanged at 44 cents. However, that still maintains its highest price since whey entered the spot trade back in March. Butter rose 2 cents to finish at $2.34. Seven loads traded hands there. Grade A nonfat dry milk moved in the opposite direction, falling ½ cents on three loads to finish at 81 and ½ cents.
This was all welcome news to the Class III market which jumped 18 cents and its average from now through the end of the year to finish at $15.98. All contracts in the fourth quarter added to their $16 plus prices while the September contract alone rose 29 cents to finish just under $16 at $15.99.
Looking out into 2019 the average for the calendar year bested it's $16.10 finish on August 2 by closing at $16.11 cents for its average on Thursday. Class IV markets saw activity in the 2019 calendar advancing its 2019 average by another penny to $16.05.