With the exception of butter, all spot Class III components finished lower this week. The block/barrel spread continued to narrow, reaching 4½¢, its tightest since early May. Offers appeared to have the advantage this week, many times with multiple loads seen and no bids. As prices moved lower, however, buyers did step in to make their presence known.
Spot Market Recap
Most futures finished the week solidly in the red, taking the lead from the spot market, and we would expect some further losses up front when trading resumes next week.