July 14, 2017

More Trades, Higher Prices

 |  By: Know Your Market

It was a busy week for the CME spot trade where record total volumes were witnessed for the four products that are traded. For the week, butter traded 67 loads, including 19 on Friday, finishing 1 ½ cents higher at $2.60. Blocks rose 2 ½ cents on Friday to a final price of $1.67 ½. Three loads traded and added to the 14 traded previously in the week.

Barrels traded 50 loads for the week and rose 2 ½ cents on Friday after 6 loads traded hands, finishing at $1.47 ½. The spread between blocks and barrels remains at 20 cents.

Grade A nonfat dry milk traded 61 loads for the week, including 10 loads on Friday. Prices dropped a ½ cent and finished at 86 ¼ cents.

Here are average prices for the week:

  • Butter: Fell to a price just under $2.60 per pound
  • Blocks: Rose to $1.62 ½
  • Barrels: Averaged $1.43 1/3
  • Powder: Averaged just under 87 cents

For the week, the average price of all Class III milk contracts from now through December finished at $16.71, 3 cents higher on Friday and up 25 cents for the week. Class IV, on much lighter volume, rose for the week a mere 2 cents from last Friday.