Milk Markets Continue Their Upward Movement
Product markets on the CME spot session were all up on Friday except dry whey.
Cheddar barrels added 1 and ½ cents following one trade, bid and offer. Barrels closed at $1.31 per lb. Blocks were up 1 and ¼ cents to $1.40 and ¾ cents per lb. For the week, barrels traded 27 loads and had an average trade of $1.27.
Blocks traded 5 times with an average at $1.36. Butter was bid 1 and ½ cents higher to $2.19. Grade A nonfat dry milk added a penny to 94 cents as 8 trades took place Friday and 23 cents for the week. Dry whey settled unchanged at 45 cents.
Class III futures had mixed results. December 2018 through December 2019 months ranged from 3 cents higher to 3 cents lower. The first half of 2019 closed the week at an average price of $15.19 per cwt. while the full year is offering $15.82. Class IV markets were higher. January 2019 through November months added 2 to 15 cents per cwt.
Corn traded a penny higher, beans lost 6 cents and the wheat complex dropped 1 to 6 cents.