The result is sharply higher Class III condensed skim prices. Buyers are, in all likelihood, going to protest such a big jump. Class II condensed skim prices are relatively unaffected and holding about steady. The fluid cream market remains weak. Offerings are heavy and demand is slow.
Spot prices are sharply lower.
Last week's CME butter average fell more than 32 cents from the week before. Class II buyers are reluctant to take any spot loads as prices fall and the price range is nominal. Ice cream sales are slowing seasonally. Production of cream cheese and sour cream are lagging normal levels, but should be increasing in the near future. Churning activity is heavier, but butter makers are reluctant to take too much outside cream at this time.