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Mielke's Market Week in Review

Mielke Market Daily/Week’s End Review
(A daily wrap-up of dairy markets and the things affecting them, from DairyBusiness Update associate editor Lee Mielke)
Like a broken record, an unfilled bid took the cash block cheese price up for the 10th session in a row this morning and still couldn’t entice any sellers. The blocks were up 1.25¢, following yesterday’s 4.25¢, and closed the day and the week at $2.2925/lb. The barrels were unchanged with no activity, following yesterday’s 0.75¢ advance and Wednesday’s 11.5¢ jump, which you’ll recall followed losses Monday and Tuesday totaling 7.25¢. The barrels rested today at $2.25/lb., putting the spread at 4.25¢.
The blocks are up 7¢ on the week and 69.25¢ above a year ago. The barrels, after dipping to $2.1275/lb. on Tuesday, rebounded and closed 5¢ higher on the week and 67¢ above a year ago. Only three cars of barrel traded hands on the week in the cash market. There hasn’t been any block sold since Feb. 20th.

Class III futures inched higher in the front months with gains in the last half averaging 12.5¢.
Cash butter was unchanged again this morning, holding at the $1.88/lb., where it spent the week, up 25¢ from a year ago. There were 4 sales today, 2 at $1.88/lb., 1 at $1.8775/lb., and the final at $1.88/lb. An offer at $1.88/lb. was left on the board. Fifteen carloads were sold this week in the spot market.

Grade A nonfat dry milk was also unchanged today, holding at $2.04/lb. You’ll recall it lost 1.25¢ Monday but regained that yesterday. There was no activity today. Six cars traded hands on the week.

Today’s Market Closing Prices:
Butter: Unchanged, at $1.88/lb.
Cheddar blocks: Up 1.25¢, to $2.2925/lb.
Cheddar barrels: Unchanged, at $2.25/lb.
Grade A nonfat dry milk: Unchanged, at $2.04/lb.
Class III milk: Mar. $22.65, +5¢ (+76¢ on the week); Apr. $21.25, +4¢ (+99¢ on wk.); May $20.25, unchanged (+58¢ on wk); & Jun. $20.01, +3¢ +34¢ on wk). Based on today’s CME settlements, the Second Quarter 2014 average now stands at $20.50, +2¢ from Thursday. The 2nd half average is now $19.19, +12¢ from Thursday.