Product Markets Fall Flat
Dry whey lead off the CME spot trade on Wednesday, moving a half a cent higher with one load trading hands and finishing at 30.5 cents. That's where positivity came to an end and markets fell flat.
Block and barrel cheese were next up, they finished unchanged. No loads traded hands, no bids and offers remained and they again finish at $1.64 and $1.4775 respectively. That was followed by butter which was also unchanged nine loads traded hands however, following Tuesday's robust volume it finishes once more at $2.32 per pound. Grade A nonfat dry milk was also unchanged it traded load and finished at 73 and a half cents a pound.
The uninspiring product trade added a weightiness to the Class III market where prices fell 16 cents on average in May, June and July. The balance of the year was down 5 to 10 cents, looking at the average from now through the end of the year, prices finished at $15.52 cents, down 9 cents from Tuesday's settlement. The Class IV market saw little volume as usual, prices there remain unchanged.