Markets Sleep Through New Year
The CME spots session started a week and ended a year with a yawn.
Butter was the only product to trade among the five. Three loads moved from seller to buyer, however the price did not change. It finishes once more at $2.21 3/4. Block cheese remained unchanged without a trade, barrel cheese remained unchanged without a trade, nonfat dry milk remained unchanged without a trade and, you guessed it, dried whey remained unchanged without a trade. Prices for those four products finished at $1.43 in block cheddar, $1.29 in barrels 93 3/4 cents in nonfat dry milk. Whey prices ended at 48 cents.
The lack of continuation in the bid for cheese caused Class III markets, which were higher earlier in the session, to move lower. Towards the end of the day, January milk was down 10 cents while other months throughout the year were slightly higher to slightly lower. In the end, the average price for the first six months of 2019 remained unchanged at $15.24. Class IV markets saw little volume, the average for Class IV prices in the first half of 2019 rose a penny to $15.74.
2018 will certainly be a year that many dairyman will be excited to put behind them and, as we enter the new year, all of us at Commodity Risk Management Group wish you happiness and prosperity.