Markets Hopping Before Easter
In a shortened week before the Easter holiday, milk prices rose modestly in Thursday’s trade. April and May milk both closed unchanged despite May trading 18 cents higher at its peak. June through December 2019 added 4-8 cents. May is offering producers $15.69 per cwt. June ended at $15.95, while the second half of the year settled with at $16.48 average. The first quarter of 2019 also rose 3-5 cents per cwt. to a $16.08 average.
Class IV markets were slightly higher as well. June through December added 1-6 cents per cwt. May settled at $16.25, June at $16.61, and the second half of the year closed with its average at $17.00 per cwt.
CME spot product markets were mixed on Thursday. Cheddar barrels were the big mover as three trades and three offers came to the market and dropped the price 7 and a half cents to $1.51 and a half cents per lb. Blocks softened a half cent to $1.66 and three-quarter cents following two trades and one offer.
Dry whey lost a quarter cent to 34 cents even. Seven loads moved from seller to buyer. Butter added a quarter cent to $2.28 and a quarter cent. Grade A nonfat dry milk traded a half cent higher to $1.00 per lb. even with three trades and nine bids supporting Thursday’s market.