Cheese and Butter Prices Continue to Move Lower

CME barrels continued to plunge, falling to $2.2975 per pound, shedding $0.1025 on the day and -$0.2925 from the Friday before. For the first time since November 2019, weekly volume totaled zero loads. Blocks also moved lower, giving up 3.5 cents to settle at $2.1100 per pound, with seven lots exchanged.

The butter market also kept moving along its steep, downward trajectory. Spot butter dropped to $2.7325 per pound, down $0.0575 to the lowest price since February. Eighteen loads traded.

Class III futures tumbled along with CME cheese markets. Fourth quarter contracts finished the day at $22.29 per hundredweight, 22 cents lower on the day. Week-over-week, futures fell 60 cents. Q4 Class IV futures ended the week at $21.28 per hundredweight, losing nine cents from Thursday and a 95-cent drop versus the Friday before.

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