Second Half 2018 Class III Still Trading Higher
The second day of dry whey being offered on the CME spot products session produced limited results. Dried whey added a quarter cent to its price on two bids and one offer left unfilled to finish at 26 1/4 cents per pound. Grade A nonfat dry milk also moved 1/4 cent higher to 69 1/2 cents after two trades. Butter closed a penny higher at $2.21 1/2 with two trades, four bids and four offers left hanging. Cheddar blocks fell one penny to $1.54 while cheddar barrels were unchanged at $1.50 per pound. Neither cheese market had any trading activity.
Class III milk prices were two cents higher in March and one to two cents higher in September through November. April and May dropped seven and eight cents, June and July 12 and 11 cents, and August and December were three and one cent lower. Second quarter of 2018 settled at $14.11 cents per cwt while the second half closed at $15.68 per cwt. The Class IV milk market had softness May through August as it lost one to four cents per cwt. Second quarter Class IV fell to $13.58 and the second half finished at $14.58.