Spot butter prices tumbled, giving up seven cents to reach $2.6800 per pound, the lowest level since January. Four lots of butter were sold. Block prices fell to $2.0275 per pound, down 5.25 cents. Meanwhile, barrel prices ticked up slightly to $2.1525 per pound, adding $0.0075. Zero loads of either were exchanged.
Europe’s cheese and butter prices continue to outpace the rest of the world. EU cheese prices averaged $2.63 per pound this week, compared to New Zealand’s price of $2.09 and the US price of $2.13 per pound. The spread is more pronounced with butter, even as all prices eased from last week’s highs. European prices slid to $4.02 per pound, compared to New Zealand’s $2.84 and the US price of $2.75 per pound (international prices adjusted for 80% butterfat
Class III futures were red today, with the nearby contract settling at $22.97 per hundredweight, down 13 cents. Q4 prices also fell to $21.39 per hundredweight, 31 cents lower. It was a similar story in Class IV, with Q4 prices slipping to $21.03 per hundredweight, giving up 13 cents.
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