Milk Markets Frustrated By Quiet CME Spot Trade
Commodities in general maintained a softer tone on Monday as the Dow Jones Industrial Average abandoned a 300 point higher move in the morning to fall nearly 1,000 points to its session lows. The softer milk market was further frustrated by a very quiet CME spot trade. Only seven loads total among all five products ended up moving from seller to buyer with just one of those being found in butter. It dropped three quarters of a cent to finish at $2.22 and a half.
The other six loads were traded in cheddar barrels. They dropped a penny and three-quarters to finish at $1.23 and a quarter. Blocks remained unchanged at $1.51 and a half. That spread now stands at 28 and a quarter cents. Grade A nonfat dry milk was unchanged as well. It did not trade and finishes once more at 86 and three quarters. Dry whey remains unchanged also at 47 cents.
By the end of the session, the average price of Class III milk in Q4 dropped 13 cents to a price of $15.16 per cwt. with the month of November now trading below $15 at a price of $14.88, It fell 20 cents. The first half of 2019 calendar average finished a dime lower at $15.45. The Class IV market saw a little activity and finished unchanged.