Rally Excitement Leaves the Markets
All of the excitement in Friday’s trade failed to follow through on Monday. In the CME spot trade, nobody even bothered to show up for barrels. Finishing at $1.4275 per pound, the price remains unchanged—no bids, no offers, and no trades.
The block cheese was up 0.75 moving up to $1.5525 per pound, but just on a bid. That takes the spread between blocks and barrels to 12.5₵, the largest that spread has been since early February when the market was correcting off of its highs.
The spot butter market was down 1.5₵ on three trades to $2.075 per pound. The powder market lost a penny as well moving to 84.5₵. It traded one time.
In the futures market, whey prices continued to move higher as the second and third quarter made strides of 0.25₵ to a penny higher. Now nearly erasing all of what was lost in the big February sell off. Nearby prices remained near 50₵ per pound while the third and fourth quarters are just above or just below 40₵.
A quick look at the Class III prices revealed a relatively stable market on Monday. Prices out through September were down a few cents, while markets thereafter were unchanged even a couple of cents higher in a few months. Class IV markets saw sporadic activity with only the month of May posting a trade, it was 7₵ higher.