Milk Markets Climb While Dow Crashes
Product trade in the CME spot session was firmer on Thursday, unwinding some of Wednesday's losses. Butter rose two cents on four loads moving from seller or buyer to finish back at $2.20 cents a pound. Grade A nonfat dry milk rose ¼ cent to finish at 93.75 cents, that puts it just a half a cent behind Tuesday's trade, which was the highest trade of 2018. Dry whey rose 1.75 cents on a single load. It finishes at 49 cents and climbs back closer to the highs that were established in fall. cheese did not trade. It remains unchanged in both the cheddar blocks and the cheddar barrels. Those prices once more $1.41 for blocks in $1.315 for barrels.
After products finished their trade, Class III markets climbed to higher ground with the average for the first half of 2019 rising 11 cents to $15.14 per cwt. The Class IV market saw similar activity rising a dime in its average for the first six months of 2019. It stands at $15.71 per cwt.
Perhaps the biggest news of the day was the upset in the Dow. It finished down 300 points, but at one point in the day was down nearly 700 points taking the Dow to the lowest level in 2018 and registering one of the poorest performances in the month of December in recent history.