Market News

Milk futures mostly higher, cash dairy mixed

In Class III trade at the Chicago Mercantile Exchange, milk futures were mostly firm with the most active months up on technical buying at key support points. October was down $.01 at $14.72, November was up $.03 at $15.43, December was $.05 higher at $15.25, and January was up $.03 at $15.39.

Cash cheese was mixed. Blocks were up $.0175 at $1.655 with three loads sold. The last unfilled bid was on one load at $1.64. Barrels were down $.0025 at $1.5575. There was one load sold at $1.5575 and one sold at $1.55. The last unfilled bid was on one load at $1.55. The last uncovered offer was for one load at $1.57.

Butter was $.055 higher at $1.885. There three trades at $1.88, along with one at $1.885. The last unfilled bid was on one load at $1.88.

Nonfat dry milk was $.005 lower at $.865. There was one trade at $.87. The last unfilled was on one load at $.85. The last uncovered offer was for one load at $.865.

The USDA reports butter for the week ending October 22nd averaged $1.84 per pound, down $.011 on the week. 40 pound blocks of cheddar were pegged at $1.56, $.011 lower, and 500 pound barrels averaged $1.53, down $.019. Dry whey came out at $.343, up $.017. Nonfat dry milk averaged $.919, $.002 lower.

According to California’s Department of Food and Agriculture, nonfat dry milk for the week ending October 21st averaged just over $.89 per pound, nearly a penny lower than the previous week. Sales of 5.479 million pounds were down 2.584 million on the week.