Friday, June 18, 2010 14 loads of blocks traded and one offer was left which settled the price at $1.4050 - up half a cent. The traders were Jerome seller/offerer and Schreiber buying.
Today, June 21, 2010 with one trade, the half cent was lost. The traders - the same.
If you were looking for a lot of players in barrels on Friday, forget it. Jerome sold 27 out of the 35 and Schreiber bought all except for four.
Someone recently suggested Jerome had extra cheese which they placed on the CME. The fact is that every load carries a fee from the CME. So, if Jerome is the seller, most often and Schreiber is the buyer, most often, a great deal could be saved by dealing directly with each other. Except, that would not affect farm milk price or, dare I say, futures.
And this is what USDA and all the experts call a market. As the ancient Greeks said, "Who will guard us from the guards?"