Milk Markets Hushed After Dropping Sharply
The CME spot product trade was mixed on Thursday as 4 of the 5 products traded. Butter rose 1 ¼ cents during 10 trades and finished at $2.25 cents/lb. Blocks fell 1 ¼ cents and finished at $1.58 cents/lb. Barrels were unchanged after trading 8 loads and finished the day at $1.43 ½ cents. Grade A Non Fat Dry milk had the most activity on the day trading 23 times and fell ¾ of a cent to .98 ½ cents. Lastly Dry whey rose 1 cent to 34 cents even.
Class 3 markets were down across the board trading anywhere from 3 to 25 cents lower with the most action in the front months. February was down 3 cents at 13.98, march fell 22 cents to 14.56 and April fell 25 cents to 14.46. The First and Second half averages are now at 14.54 and 16.12
Class 4 markets were quiet on Thursday as only one month traded and the rest were unchanged. The only month that traded was may which lost 15 cents to 16.15
Markets are still trading on little information and we are beginning to receive more reports from the USDA as we move forward.