Markets Move from Red to Green
The bleeding of prices that colored the markets red for the last three days came to an end on Wednesday as a stronger product trade bullied milk prices higher.
Butter rose a penny and 3/4 after four trades to finish at $2.38 cents per lb. Block cheese showed 10 trades rising ½ cent to finish at $1.58. That widens the spread over barrels to 7 and 1/2 cents after barrels finished at $1.50 and 1/2. Yes, they remained unchanged, however, they moved 18 loads from seller to buyer.
Grade A nonfat dry milk rose 1/4 cent after three trades to finish at 81 and 1/4 cents. Dry whey, the ongoing strength to the product sector, rose another 1/4 cent after just a single load traded hands. It finishes now at 40 and 1/2 cents.
Class III markets covering the second half of 2018 rose 13 cents in their average to $16.38 cents per lb. Class IV markets remained reluctant to move higher. They finish at $15.57 in the second half of the year, unchanged from Tuesday's settlement.
Elsewhere, grain markets continued with their weaker tone. Prices slid further on Wednesday as trade jitters and ongoing technical weakness brought sellers to the market.