Prices Not So Spooky On Halloween
CME spot product markets on Wednesday experienced quite a bit of action. The most actively traded market was butter as it saw 16 lads move along with 2 uncovered bids and 3 offers. Butter jumped 5 and a half cents to close at $2.28 per lb. Grade A nonfat dry milk traded 7 times and 1 and a quarter cent to 45 cents following a single mark in each the trade, bid and offer columns.
The spot cheese market had the most intriguing trade activity of the day. Coming into Wednesday, cheddar blocks were trading at a premium of 26 and a half cents. Following the spot session, the spread shrank to 14 and a half cents. Barrel cheese traded 5 times and added 8 and a quarter cent to close at $1.33 per lb. Blocks also traded 5 loads but took the opposite route falling 3 and three-quarter cents to $1.47 and a half.
CME markets were able to print green on the screen following product. November added 2 cents to $14.79 per cwt. while December closed 12 cents higher at $15.17 per cwt. The 2019 prices rose 10-15 cents in the first quarter while April through August added 2-7 cents per cwt. September was even and the fourth quarter was down 2-6 cents. Class IV milk months wer all higher rising anywhere from 5-13 cents.