Markets Struggle: Higher or Lower?
Throughout the course of trade on Tuesday, dairy market struggled with whether they should be higher or lower. Early in the session, Class III milk futures took on a positive tone after a negative overnight performance. At its peak, July futures were as much as 15 cents higher, prior to the spot session.
The spot session was faced with the same challenge. Whey prices led the trade off, dropping a penny to finish at 39 cents after a single load traded hands. Blocks took the opposite direction rising a penny, also trading just one load. It finishes at $1.46 Barrels remained unchanged, six loads traded hands, it finishes again at $1.20 and ½ cents. Butter fell a penny back to $2.24 and ½ cents with a handful of trades.
Grade A nonfat dry milk rose a penny on six loads to finish at 74 and ¾ cents. The mixed tone carried forward beyond the spot session to see Class III markets drop back to negative territory before making a positive push forward into the end of the day. At the close, the average price from now through the end of the year finishes a penny higher at $15.29. Class IV markets fell a penny in their average from now through December to finish at $14.72.