Milk Markets Continue Their Fall
The CME Spot product trade was lower on Wednesday in all 5 products offered.
Butter only traded 1 time and fell 1 ¼ cents to $2.22 cents/lb. Blocks also traded 1 time and lost 1 ½ cents to $1.37 ½. Barrels continue the downward trend and made a made a new contract low at $1.16 losing 1 ¾ cents during the session.
Grade A nonfat dry milk was not much different as it continues to fall off of the high we saw a week ago which was $1.04 ½, we are back down to 99 cents even losing 2 ½ cents during Wednesday’s session. Dry Whey saw the most movement on the day trading 4 times and lost 4 ½ cents finishing at 42 cents even.
The CME spot market set the tone for the day and the Class III markets followed. Class III markets fell anywhere from 1 to 27 cents with the most movement in February to August. April fell the most losing 27 cents finishing at $14.61. Nearing expiration at the end of the month, January milk only lost 1 cent to finish at $13.98. The 1stand 2ndhalf averages are now at $14.58 and $16.28
Class IV markets fell 19 to 27 cents from February to July while the rest of the months did not trade. January was unchanged at $15.51.