November 9, 2018

Second Half of 2019 Class III Futures Sit At $16.15

 |  By: Know Your Market

Little change in the CME product and milk market was seen on the final day of this week. Dry whey lost another quarter cent following three trades and closed at 43 1/2 cents per pound. Whey moved 16 loads on the week.

With the average trade price coming in a penny softer, Grade A nonfat dry milk also traded a cent lower compared to last week. In total 15 trades took place as Friday's settlement ended at 86 cents.

Cheddar blocks declined a penny to $1.38/lb. Butter and cheddar barrels were unchanged at $2.19 1/4 and $1.30 1/2, respectively.

Class III milk prices were soft to begin the day but finished even into the close. November added 3 cents and December lost a penny in 2018. Months in 2019 ranged from 6 cents lower to 4 cents higher at the close. The first half average was offering $15.22/cwt. while the second half was at $16.15/cwt.

Class IV had November up 4 cents, December through March unchanged and April onward down 5 cents. The first half of 2019 market now stands at $15.11/cwt and the full year is showing $15.56/cwt. 

On the grain side, corn fell 4 cents, beans jumped 8 and the wheat complex dropped double digits. Cattle markets weekend another $2/cwt in the fats and $2.30 in the feeders.