Market News

Milk futures, cash cheese lower

Class III milk futures at the Chicago Mercantile Exchange were lower on follow through selling with many months breaking through what had been technical support. February was $.01 lower at $16.87, March was down $.30 at $16.57, April was $.23 lower at $16.67, and May was down $.23 at $16.77.

Cash cheese blocks were $.05 lower at $1.53. There were five loads sold, including three at $1.53. The last uncovered offer was for one load at $1.54. Barrels were down $.02 at $1.60. There were five loads sold, all at $1.60. The last uncovered offer was for three loads, also at $1.60.

Butter was $.0175 lower at $2.14. The last uncovered offer was for three loads at $2.14.

Nonfat dry milk was up $.005 at $.875. The last unfilled bid was on one load at $.875.

The Global Dairy Trade index was down 3.2% at $3,474 per ton. Butter milk powder dropped 12.9% and rennet casein was 5.8% lower, while lactose was gained 6.8% and butter was up 0.2%. The next event is scheduled for March 7th.