At the Chicago Mercantile Exchange class III milk futures closed mixed Monday following the tone of the cash market. October 2018 through December 2019 ranged from 3 cents lower to 5 cents higher. October closed a penny lower at $15.60. November down four cents at $15.72. December down seven cents at $15.73. January four cents lower at $15.72. February through next September contracts closed unchanged to a nickel higher. Class IV markets were unchanged October through February 2019 while March through May added 2 cents and June through December each gained 3 cents.
CME spot product markets on Tuesday had butter soften 2 cents to $2.27 per lb. following 4 trades, 1 bid and 3 offers. Cheddar blocks traded 1 load and gained a penny to $1.62 per lb. Barrels dropped a half cent to $1.33 and a quarter. Grade A nonfat dry milk closed unchanged at 87 and a quarter while dry whey moved three-quarters of a cent higher to 57 cents per lb. even.
Event 222 of the Global Dairy Trade was released Tuesday resulting in the overall index losing three-tenths of a percent. Products to note included butter, which added 2.4% to $1.82 per lb. Cheddar lost 1.8% and finished at $1.54 and a half cents. Skim milk powder was unchanged and whole milk powder declined nine-tenths of a percent.
