At the Chicago Mercantile Exchange class III milk futures closed lower Thursday with strong international production and weaker cash prices weighing on the market. Class III milk markets were even in the September contract, down 18 cents in October and 8 cents lower in November and December, respectively. The 2019 prices were 5-7 cents softer in most months. Class IV milk markets had September even on the day while the 4thquarter settled even to down 10 cents. The 2019 prices fell as well.
CME spot product markets had butter 3 and three-quarter cents higher at $2.23 and a half cents per lb. Five trades were made along with 8 bids. Cheddar blocks fell a penny to $1.62 per lb. while barrels softened 1 and a half cents to $1.47 per lb. Grade A nonfat dry milk declined a half cent to 87 and a quarter per lb. and dry whey was unchanged at 52 and a quarter following 1 trade and 1 uncovered bid.