Milk Prices: The Calm After The Storm
Milk prices on Friday closed the week in a relatively calm way compared to the precious four days. October was unchanged at $15.53 cents per cwt. November declined 3 cents while December added 4 cents. The 2019 class III results were a mixed bag ranging from 3 cents lower to 5 cents higher. At the close of the week, the 1sthalf 2019 market is offering $15.54 cents while the full year is at $15.94 per cwt.
Class IV markets were all up single digits. October traded 5 cents higher, November 6 cents and December 2018 through December 2019 were all up 9 cents. CME spot product markets were mixed Friday. Cheddar blocks was the lone products to trade higher as it moved 1 and ¾ cents higher to $1.51 and a half.
On the week, blocks moved 16 loads and fell 7 and a half cents. Barrels declined 6 and a half cents following 54 trades this week and ended up at $1.25 per lb. Butter’s weekly volume totaled 28 loads as its average price fell 5 and ¼ cents to Friday’s settlement of $2.23 and ¼ cents per lb.
Dry whey lost 1 and ½ cents Friday to close at 47 cents per lb. The weekly average was walloped compared to the previous week as it dropped 8 and ½ cents and saw 24 loads move. Grade A nonfat dry milk didn’t nearly as much volatility closing the week at 86 and ¾ cents per lb. Just 7 trades took place.