Product Markets Full of Post Holiday Cheer
The CME spot product and milk markets saw another round of low volume trade on Wednesday. Cheddar blocks and barrels both added 2 cents to their prices and left the spread at 6 3/4 cents per pound. Blocks traded twice, had a bid and an offer to settle at $1.50 3/4 per pound. Barrels closed at $1.44 per pound after 3 trades and 2 offers took place. The butter trade jumped 3 1/4 cents to $2.20 1/4 on 2 loads trading hands. Grade A nonfat dry milk settled at 66 cents per pound, up a penny on the day following one trade. Dry whey futures were quiet as well as May 2018 was the lone month to trade but finished unchanged at 23 3/4 cents per pound.
Class III milk futures were a yawner on Wednesday. December 2017 was unchanged at $15.41 per cwt. First quarter 2018 pricing gained 3 to 6 cents while the second quarter ranged from a penny higher to 2 cents lower. At the close the first half of 2018 was offering $14.05 per cwt. All months in the second half or 2018 were unchanged. Class IV milk markets had trading activity in the first four months of the year. In the end, March was the lone month to change in price, up 5 cents Wednesday.