At the Chicago Mercantile Exchange Class III milk futures closed lower Thursday as traders eroded away gains made earlier in the week. Class III markets slid 4 cents in their average for 2019 to settle at $16.16 cents, while the balance of this year slid 5 cents to finish at an average price of $16.45 cents per cwt. Class IV markets were only slightly stronger, rising a penny to an average price for 2019 of $16.6 per cwt.
A closer look at the CME spot trade had butter prices unchanged, with no trades tendered it again finishes at $2.27 and a quarter. Blocks and barrels, each grew a penny. Blocks did not trade, however they finish at $1.67 and three quarters while barrels did in fact trade eight loads and they finish at $1.62. Dry whey was up $0.0025 at $0.4925. Nonfat dry milk was $0.0075 higher at $0.8825. One trade was made at that price.
For August 2018, the USDA says the Class II milk price was $15.07 per hundredweight, down $0.16 from July, the Class III price was $14.95, $0.85 higher, and Class IV was $14.63, an increase of $0.49.
