What Goes Up Must Come Down
The old expression what goes up, must come down came true on Friday for the butter market. Prices dropped 14 ½ cents to finish at $2.56 per pound, after 24 loads traded hands.
Block Cheese found a trade in Friday’s action, finishing down a penny and a half at $1.61 ½ after two loads traded hands. Barrel cheese was down 2 ¼ to finish at $1.38. It also had an active session 19 loads moved. Grade A nonfat dry milk was unchanged after two loads traded finishing at same the price of 91 cents per pound.
Looking at the week's average for each of those products, butter finished at just over $2.61 cents per pound. Block cheese had an average price for the week of $1.62.70. Barrels were $1.40.30 per pound and Grade A nonfat dry milk was just over 90 ½ cents.
Turing the focus to the Class III market, prices from now until through end of the year finished down six cents at an average price $16.80 per cwt. Class IV markets feeling the shell shock of the butter trade dropped 20 cents in the third quarter. As a whole only four months in the year did trade, October was down nine. In the end the average price from now through the end of the year dropped eight cents to average price of $16.78 per cwt.