CME: October Class III At $18.03
US - Barrels capped their second-biggest week in the last three years with a 6¢ gain today to close at $1.92, writes Alan Levitt.
7 November 2011
1 minute read
Blocks traded 4.25¢ higher to $1.88. This week’s run-up – 15.25¢ for
barrels and 10.75¢ for blocks – is attributed to strong holiday orders with Thanksgiving
three weeks away and Christmas seven weeks out.
Spot prices equate to a Class III price of $19.58. Futures are still lagging, however.
Despite increases this week, Class III futures for NOV and DEC are $18.88 and $18.22.
Class III futures for 2012 average $16.78 (see chart). The October Class III price is
$18.03, down $1.04 from September and off $3.64 from the August peak.
Meanwhile,
the Class IV is $18.41, down $1.12 from September, and the lowest since February.
Spot butter continues to fall. Butter futures for DEC-MAY dropped 5.5¢ this week to an
average of $1.6746. Whey futures moved to new highs in nearly every month today.
NASS dairy product prices for the week ending Oct. 29: cheddar blocks $1.7226 (-0.45¢ vs. the prior week); barrels $1.7411 (-0.07¢); butter
$1.8290 (+2.51¢); nonfat dry milk $1.4872 (-0.97¢); dry whey 62.38¢ (+0.31¢).
Further Reading
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