Milk Markets Continue To Soften
Another round of Softer Class III and IV milk trade was experienced on Thursday after Wednesday’s mass selloff.
January was unchanged at $13.98 per cwt. February lost 3 cents while March-December 2019 ranged from 9-14 cents lower. At the close, first half 2019 prices were offering $14.48 per cwt and the second half settled at $16.16.
Class IV markets had prices as high as 7 cents in February and as low as 14 cents in July. CME spot product market results were a mixed bag. Butter added a quarter cent following two bids and settled at $2.22 and a quarter cent. Grade A nonfat dry milk traded nine loads and 1 three-quarter cents higher to $1.00 and three-quarter per lb.
Both blocks and barrels were unchanged. Blocks ended at $1.37 and a half cents while barrels were at $1.16 per lb., respectively. Dry whey declined a half cent to 41 and a half cents following five trades.
While data regarding milk production in the United States for December 2018 hasn’t been released due to the government shutdown, New Zealand’s has. In December 2018, fluid basis and 6.1% on a milk solids basis. Seven months into the 2018-2019 season, milk solid output is up 5.2% year over year.