Whey Prices Break Record Yet Again
In the wake of Tuesday's neutral GDP trade, the CME spot trade was anything but. Butter prices rose another ½ cents finishing at $2.32 cents per lb. with just a couple of loads trading. Block cheese also traded a pair of loads to rise 2 and 3/4 cents finishing at $1.60 and ½ cents. This is the first time that blocks have traded north of $1.60 since the announcement of tariffs hit in mid-June.
Barrel cheese rose 3 cents on seven loads to finish at $1.51 and ½ cents while whey prices rose ¼ cents to finish at 44 cents per lb. Yet again, another record. Grade A nonfat dry milk fell to its lowest price yet this month, dropping a penny and ¾ cents on four loads to finish at 82 cents per lb.
The stronger cheese and whey markets help bolster a higher move in the Class III markets where prices were elevated 14 cents in the average from now through the end of the year to return back to $15.83. The 2019 average picked up 3 cents over Tuesday's finish to settle at $16.01. Class IV markets remained quiet but also gained some ground in 2019 rising just a penny to $16.04 in its average for the coming calendar year.