Up, Up And Away For CME Spot Trade
It was up, up and more up in the CME spot trade on Wednesday. Butter traded 12 loads, rising a penny, moving back to $2.32 per pound. That's the highest price that's been witnessed since mid-June as prices cascaded from the May highs on tariff talks. Block cheese followed suit, rising 4 cents on just two loads to finish at $1.54 while barrel cheese saw 15 loads move from seller to buyer, rising 2 and 1/4 cents back to $1.43.
Grade A nonfat dry milk rose ¼ cent to finish at 84 cents. That is the highest price that's been traded since late May and it's just 2 cents from its spring high. Dry whey marched higher as well, moving ¾ cents further upward to 43 and ¼ cents. Yet again another record price since its addition to the CME spot trade in mid-March.
Class III markets found this as highly supportive with every contract except September rising at least 10 cents in the period from now through next March. The average from now through the end of the year finishes at $15.87, up 12 cents, while the average advances another 3 cents to a price of $16.08. Class IV markets rose slightly as well. The average for now through the end of the year finished $15.28, up 2 cents per cwt.