Quiet Product Trade Led to an Even Quieter Class III Market
Dairy markets remain much more subdued. On Thursday, butter was the biggest mover in the CME spot trade. It rose a penny and 3/4 after only eight loads traded. It finishes at $2.40 and 1/4. That file was yesterday's 6 and 1/2 cent sell off in a week, that's been wrought with a lot of back and forth trade.
Along that same note, dry whey rose a penny after two loads traded hands. It moves back to 37 cents, the same price at which the market finished on Friday and just 1/4 cent from the high of this move established on Tuesday.
Grade A nonfat dry milk was up 1/4 cent it traded a handful of loads and finished at 84 and 1/4. Block cheese dropped 1/2 cent. It finishes at $1.62 and 1/2, however, no loads traded hands. Barrel cheese was unchanged. Seven loads trade and it finishes again at $1.55.
The quiet product trade led to an even quieter Class III market. Among all the contracts that traded throughout the course of the year, not a single month had greater than a 10 cent price range from top to bottom in Thursday's session. Among those months, some finished higher, some finished lower, some remained unchanged. In the end, the average price from now through December finishes at $16.41, down 2 cents from Wednesday.
Class IV markets remained quiet as usual and finished unchanged with the average now at $16.29 from now through December.