Sellers Have Turkey Hangover
In the wake of an extended Thanksgiving weekend, sellers of cheese were playing catch-up as they came into Monday's trade. Block cheese dropped 6 cents to $1.55 after a single load traded hands. That marks the lowest price observed since the first of September, and continues a trend that began after a $1.71 1/2 finish on November 15.
Barrel prices moved in the same manner dropping 8 1/2 cents to $1.59. The spread between blocks and barrels is still inverted, but today's move lower tightened that spread to just 4 cents.
Butter followed suit dropping 1 1/2 cents to $2.20 3/4. Grade A nonfat dry milk was the lone product to move higher, bouncing back to 72 cents per pound after rising 3/4 of a cent.
Despite a brutal outcome in the cheese market Class III markets maintained their composure, at least to some degree. December milk was down 27 cents, January milk dropped 23 cents and February milk was down 15. But after that, only single-digit losses were experienced. In the end the average of the first six months of 2018 fell 8 cents to $14.74 per cwt. The whole year average finished at $15.19 per cwt, down a nickel.