Markets Have Holiday Hangover
The bids that propped up product values in Friday's CME spot trade faded on Monday as blocks gave back 1/2 cent to finish at $1.48 3/4. Barrels took the opposite approach, moving closer to blocks after rising a penny to finish at $1.42. The spread now stands at 6 3/4 cents.
Butter, like barrels, dropped a penny to finish at $2.17 and grade A nonfat dry milk dropped back to within a quarter cent of its all time historical low, finishing at 65 cents after dropping 1 1/2 cents. Whey futures contracts saw little volume as well. Calendar 2018 whey values hold very close to an average price just under 25 cents.
It was a quiet day in the Class III milk market where random contracts were traded throughout the 2018 year and most volume was held to the first five months. The average price for the first half of the year fell a penny to $14.04. Class IV markets saw little volume and remained unchanged at $13.60 for its average of the first half of 2018.