Markets Take a Hit
Trade on the first day of June and World Milk Day began in a positive manner but ultimately failed to hang on to early gains, and finished weaker.
CME spot products watched butter close unchanged at $2.41. Cheddar blocks dropped ¾ cents to $1.73¾ while Cheddar barrels declined 1 ¼ cents to close at $1.53 1/4. At the close of today’s trade blocks hold a 20 ½ cent premium over barrels.
Grade A nonfat dry milk was the most active in the market. Prices dropped ½ cent to close at 95 cents per pound. Dry whey also experienced a sizable drop, 1 ¼ cents, so June is now trading at 47 ½ cents.
Class III milk markets came off the overnight sessions up double digits, but watched sellers came in a half hour before product traded and sent some months as much as 40 cents lower. Products recovered somewhat before the close, with June closing 7 cents lower while Q3 trades were 20-plus cents lower. October also dropped double digits while November was down 4 cents. 2018 prices were down 2 to 5 cents while Class IV prices saw August up 12 and October up 2 cents.