At the Chicago Mercantile Exchange Tuesday, milk futures were down sharply and cash dairy prices were mostly down. Class III prices now average $16.23 for the balance of the year, 26 cents lower than the Monday finish. The first half of 2019 dropped 13 cents to an average price of $15.99 while the whole calendar year of 2019 fell 9 cents to $16.18 cents per cwt. Lower butter prices pressured Class IV as well it’s average for the balance of the year fell 14 cents to $15.08. While the 2019 calendar fell 3 cents to match the Class III average of $16.18 per cwt.
Butter caught up in the spirit of the cheese action, it felt three and a quarter-cent to $2.22 and a half after three trades took place. Yet again, the strength in the product trade was found in whey which moved another half-cent higher. It did not trade but now finishes at 52 cents a pound right next to it. Grade A nonfat dry milk held its ground at 90 cents. It did not trade either. Blocks fell 4 and a half cents, without a single load trading. It moves back to $1.62 and a half, a price not witnessed since the 22nd of August. Barrels traded a single load and fell 6 and a half cents. It too returns to a price not seen since early last month.
