Milk Markets Lose Momentum
Class III milk markets on Tuesday erased many of the gains that were captured the previous day. The January 2018 contract expired right around $13.88 per cwt, down 3 cents for the day. February fell 7 cents, March 11 cents and April dropped 9 cents. May through September weakened 1 through 6 cents while the fourth quarter was slightly higher. The first half of the year settled at $13.80 per cwt, and the second half is currently offering $14.66 per cwt. Class IV milk had just February trade once and ended 4 cents lower to $13.21 per cwt. The January contract will expire near $13.23 per cwt.
CME spot product markets saw little change on Tuesday. Butter added 1 1/4 cents to $2.14 1/4. Blocks fell a half cent to $1.46 1/4 with no loads moving hands. Barrels and nonfat dry milk both closed unchanged. Barrels settled at $1.32 and traded four times while dry milk closed at 70 1/2 with no trades but four unfilled bids and six offers.