Product Markets Finish Week with a Bang
CME spot product prices finished the week very strong. Butter traded higher all week and added another 5 cents on 22 loads traded. Butter closed at $2.72 per pound, which is the highest spot butter price seen since December 9, 2015. On the week butter had an average trade of $2.63 ½, and added 13 ½ cents on 51 trades.
Cheddar blocks added 4 cents to finish at $1.75 ½, while the barrel market gained 9 ½ cents to close at $1.55 ½. For the week blocks gained 4 ¾ cents and barrels gained 14 ½ cents.
Grade A nonfat dry milk added ¾ cent to 86 cents per pound. Nonfat dry milk dropped a penny on average this week.
CME milk futures took the product trade in stride and gained 9 cents in August and 22 cents in September. The fourth quarter was up 12 to 14 cents and markets closed with an average of $16.78. 2018 milk markets saw January, February and May up 2 to 8 cents. Class IV markets traded 14 cents higher in August and 3 cents higher in January 2018. Second half 2017 average for Class IV finished at $16.85.