Whey Contracts Debut at CME
It was a big day for the first day of trade for the spot dry whey contract offered at the CME. No bids were tendered, no offers came forward, and in the end, no trades took place. We'll see what tomorrow holds.
Looking elsewhere, we find the nonfat dry milk market another 3/4-cent higher at 69 1/4 cents. Barrel cheese rose a 1/4 cent to finish at $1.50. Blocks dropped two cents to narrow the gap, finishing at $1.55. Butter remained unchanged with a final price of $2.20 1/2 per pound.
The absent activity on Monday's first session of the spot dry whey contract translated into a quiet day in whey futures contracts where prices split. Nearby contracts rose a 1/2 cent and deferred contracts fell 1/4 cent.
Class III markets started the day with a strong tone, up 3 to 4 cents in most contracts for the year. However by the end of the day the average from now through the end of 2018 finished at $15.70, down 2 cents. Class IV markets saw sporadic trade with little by way of change in its average. It now stands at $14.59.