Wind Out of the Sails for Cheese Market
While butter, powder and whey all moved higher in the CME spot session, it was the cheese market that took the wind out of the sails of the Class III milk market on Thursday.
Block cheese fell a penny and 3/5 after two loads traded hands to finish at $1.58 and a quarter. This continues the fall that began on May 10, after dropping off the $1.70 and a quarter peak established on May 9. This is now the lowest price witnessed since April 5.
Barrel cheese had much more robust volume. It traded 14 loads and fell 4 1/2 cents to $1.53 and a half. It now marks the lowest price in the month of May and has fallen $11.75 cents from its peak on May 7.
Elsewhere in the spot session, butter rose 1/2 cents on 17 loads trading. It finishes at $2.38.5. Grade A nonfat dry milk rose 3/4 cents after 11 loads moved from seller to buyer.
Dry whey finished 2 3/4 cents higher to $36.75 after three loads traded hands. As mentioned previously Class III markets had to bare the pain of a softer cheese trade. At the end of the day, prices finished 16 cents lower in the average from now through December at a final price of $16.31 cwt.
Class IV market activity was scarce. It finishes at an average price from now through December at $15.71.