Whether related to the previous day's election results or not, the prices for Cheddar cheese in the spot market on the Chicago Mercantile Exchange absorbed a major blow on Wednesday morning of this week.
After rebounding by eight cents per pound on Friday of last week, the Cheddar barrel price gave up 16.5 cents per pound on Wednesday of this week, putting the day's closing price at $1.91 per pound.
The day's market session included three carload sales at the lowered price and an uncovered offer to sell one carload.
At the same market session, an uncovered offer to sell one carload dropped the Cheddar block price by 12 cents per pound.
This resulted in a closing price of $1.99 per pound - less than two weeks after the year's highest spot market price of $2.12 per pound for Cheddar blocks.
The AA butter spot market price slipped by one cent per pound to $1.87 on Wednesday as a result of an uncovered offer to sell one carload.
This followed market sessions on Monday and Tuesday of this week which had a total of 10 carload sales.
Prices stood at $1.57 per pound for Grade A and $1.56 for Grade Extra in a quiet non-fat dry milk spot market.
Dry whey futures prices held at 63 cents per pound for November and December of this year and in the 50s for all months of 2013 before falling to 42 cents per pound for all months in 2014.
Prompted by the spot market prices for Cheddar cheese, the Class III milk futures prices for nearby months suffered heavy but not daily limit price losses on Wednesday.
In early afternoon trading, those price declines included 52 cents per hundred for November, 67 cents for December, and 50 cents for January of 2013.
This put the trading prices in a declining pattern from $20.75 per hundred for November, $19.80 for December, and $18.98 for January.
Even with modest losses for the day, the Class III futures remained in the $18s per hundred for all the remaining months of 2013.
The national Class III milk cash price for October of $21.02 per hundred was the highest for any month of 2012 and the highest since August 2011.