Market News

Milk futures, cash cheese lower

In Class III trade at the Chicago Mercantile Exchange, milk futures were lower on expectations for continued high production levels. October was down $.03 at $14.70, November was $.10 lower at $15.36, December was down $.08 at $15.13, and January was $.08 lower at $15.28.

Cash cheese was lower. Blocks were down $.01 at $1.64. The last uncovered offer was for one load at $1.64. Barrels were one lower at $1.56 with one load sold. The last uncovered offer was for one load at $1.57.

Butter was $.02 higher at $1.78 with one load sold. The last unfilled bid was on two loads at $1.77.

Nonfat dry milk was down $.0025 at $.8775. The last uncovered offer was for one load at $.8775.

The USDA’s Agricultural Attaché in Taiwan expects dairy demand to be steady to higher in 2017. Fluid milk imports for the first three quarters of 2016 were up 40% on the year at more than 24,000 tons, hitting their milk import tariff quota earlier than in previous years. That’s expected to restrict total imports for the rest of the year.