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Class III milk futures closed lower on Friday, with September unchanged at $16.11 and October down 15 cents at $15.80. Cash block cheese premium over barrels rose to the second-largest on record, while butter was unchanged at $2.32.
USDA reported cash dairy prices mostly higher for the week, with freight costs a concern for cheese makers and some cream shipped east to areas affected by Hurricane Florence.
Routine futures and cash moves with a wider block-barrel spread point to firm block demand relative to barrels, while weaker futures signal softer milk prices ahead for dairy-feed demand.
brownfieldagnews.comNicole HeslipSep 28, 2018Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
