Markets Offer Mixed Results
The National Dairy Product Sales Report was released on Wednesday afternoon.
Butter averaged $2.24 per lb. for the week ending July 14th, 2018, down 6 cents from the week prior. Block cheese prices fell 2.1 cents to $1.57 compared to the previous week while barrels came in at $1.37 per lb. Dry whey products softened a tenth of a cent to 33.6 cents per lb. Nonfat dry milk averaged 78.2 cents per lb. which was a small increase from the prior week.
CME spot product markets had mixed results. Block cheese lost ¾ cents to $1.53 and ½ cents. Barrel cheese traded 8 loads and ½ cent higher to $1/31 and ½ cents per lb. Butter saw 2 trades but fell ¼ cents $2.25 per lb. Grade A nonfat dry milk closed unchanged at 76 and ¾ cents following 4 trades while dry whey added ½ cents on 1 uncovered bid and offer and settled at 42 cents per lb.
Class III milk markets began Thursday’s session on a higher note but eventually dropped 4 cents in July, 10-25 August through November, and 6 cents in December. The first ¼ of 2019 softened 6-10 cents as well. Class IV milk strengthened 3-14 cents in the August 2018 through January 2019 time frame.