At the Chicago Mercantile Exchange Class III milk futures closed lower Tuesday, pressured in part by the cash market, increased supplies and slowing demand. The first half Class III futures price now stands at $15.47 per cwt while the full year is offering $15.90. October closed three cents lower at $15.50. November down 32 cents at $15.10. December down 30 cents at $15.12. January a quarter lower at $15.08. February through next September contracts closed two to 25 cents lower. Class IV markets weakened 13 cents in November and December 2018. January through August 2019 fell 12 cents and September through December dropped 13 cents. The spot product market fared no better.
Barrels are approaching a 2018 low of $1.2050/lb. which was set in June, the previous low was set in July of 2009. Barrels were down $0.02 Tuesday at $1.22. Eleven trades were made ranging from $1.22 to $1.23. Blocks were $0.03 lower at $1.4750. One trade was made at that price. Butter was down $0.02 at $2.1950. One trade was made at $2.20. Nonfat dry milk closed unchanged at $0.87. Dry whey was down $0.05 at $0.4750 with a record volume traded. Twelve trades were made, ranging from $0.47 to $0.50.
