Product Markets Slide
The flat trade on Wednesday invited sellers to the market on Thursday for the CME spot trade. Butter fell 2 cents to finish at $2.30, no trades took place. Block cheddar followed suit also falling 2 cents, there too no trades took place and it finished at $1.62. Barrels fell as well moving 1 3/4 cents lower to finish at $1.46. However, eleven loads did trade hands.
Grade A nonfat dry milk repeated yesterday's trade finishing unchanged at 73 1/2 cents. Dry whey was quiet on Thursday as well, no trades took place and it remains unchanged at 30 1/2 cents.
Class III markets had a mixed tone throughout the course of the day. Higher prices early gave way to lower prices later. However, prices moved back towards unchanged and by the end of trade the average price from now through December stands at $15.52. Class IV markets saw little volume, however, the trade did move lower in tandem with the butter trade. Prices for the balance of the year finished at an average of $14.80, down a penny.
Elsewhere in the energy world crude oil prices moved to $67.33 in the spot May contract, establishing the highest price witnessed since December 2014. This is good news for dairymen as increased revenues in oil producing nations increases their capacity to purchase dairy products.