Milk Markets Continue To Slide
The milk markets continue to react to the latest milk production and cold storage reports in a poor manner. In fact, they have been hammered. On Tuesday, October lost 3 cents while November and December softened 32 and 30 cents respectfully. November and December are now averaging $15.11 per cwt. January 2019 through April ranged from 21-27 cents lower. May declined 19 cents and June was off 12 cents. Second half ranged from even to down 6 cents. The first half Class III futures price now stands at $15.47 per cwt while the full year is offering $15.90. Class IV markets weakened 13 cents in November and December 2018. January through August 2019 fell 12 cents and September through December dropped 13 cents. The spot product market fared no better.
Dry whey, which spent 2 ½ months adding value to its price, dropped another 5 cents Tuesday. That’s 10 cents in 2 sessions. Barrels traded 2 cents lower following 11 trades to $1.22 per pound and blocks moved 3 cents lower to $1.475. Butter declined 2 cents to $2.195 while Grade A nonfat dry milk was unchanged at 87 cents per pound.