Markets Settle Down After Wild Monday
Markets settled down on Tuesday, taking a breath after Monday's high flying pricing action that led markets higher. In the CME spot trade, two loads of cheese traded hands, one each of blocks and barrels. Blocks rose 2 cents to close at $1.69, regaining the price edge over barrels which finished at $1.68.
Butter found interest with six loads trading hands, and prices moved 3/4 cents higher to a close of $2.42 1/2. Grade A nonfat dry milk finished at 83 cents, unchanged from Monday.
The Class III market followed suite with the calm demeanor, falling 6 cents for the 4th quarter average, finishing at $16.42. 2018 values dropped a dime in the first half of the year, falling back to $15.89 per cwt for the first six months. Class IV markets picked up what was lost yesterday with the average price for the 4th quarter rising 3 cents to $15.54. At present the first half of 2018 is registering an average value of $15.70.