Products Trade Higher on Tuesday
Milk price held its ground on Tuesday as four out of the five products traded in the CME spot trade found their way higher. Whey opened the show with seven loads moving from seller to buyer and prices rising 3/4 of a cent to return back to 42 3/4 cents a pound. Block cheese followed suit, rising 1/2 cent. Although it did not trade, the final price was $1.35 1/2. Barrel cheese was up a penny, the biggest mover to the upside, rising to $1.25 after a single load traded hands.
Grade A nonfat dry milk rose 1/2 cent on just three loads trading to finish at 91 cents a pound. This is now the highest price that's been traded in the spot trade since early September when the market made its calendar year peak at 92 cents. Butter was the lone dissenter, it dropped a penny and a half, however it did not trade and finishes at $2.21 1/2.
Class III markets held mostly to Monday's values with the first half of 2019 calendar average rising a penny to $15 per cwt. The second half of 2019 calendar average however dropped 3 cents to $16.23. Class IV markets remained unchanged in the first half of 2019's average, while the second half of 2019 rose 2 cents to $16.24.