Markets Mix And Mingle
A mixed day of trading on Wednesday as early gains in Class III milk reversed after the CME spot products trade began. Butter was down 1 ¾ cents to finish at $2.23 ¾ on 4 trades.
Cheddar blocks and barrels continued showing strength to push to a high we have not seen since October 2018 trading. Blocks ended up 3 1/4 cents to $1.59 ¼ /lb and Cheddar Barrels followed, moving up 2 ¼ cents to $1.431/2 /lb on 7 trades.
Powders did not follow suit. Grade A Non Fat Dry Milk fell ¾ of a cent to once again fall below $1/lb and finish the day at $0.99 ¼ /lb. Dry Whey traded 15 loads to fall 2 cents and end the day at $0.33 even.
Class III milk could not sustain the gains of Tuesday. Only February showed a gain of 1 cent to $14.01/cwt. The remaining months down 3-14 cents with March finishing the day at $14.78. Second half is still averaging better, showing a July – December average of $16.21/ cwt.
For Commodity Risk Management Group this is Jenny Wackershauser on Know your Markets.