Market News

Milk futures mostly higher, cash dairy mostly lower

Class III milk futures at the Chicago Mercantile Exchange were mixed, with most of the more active months up on spread trade and technical buying. July was $.01 higher at $15.92, August was up $.05 at $16.74, September was $.05 higher at $16.96, and October was up $.02 at $17.09.

Cash cheese blocks were $.015 lower at $1.545. Two loads were sold, one at $1.545 and one at $1.56. The last uncovered offer was for one load at $1.56. Barrels were down $.0175 at $1.34. Three loads were sold, all at $1.34. The last unfilled bid was on one load at $1.33. The last uncovered offer was for one load at $1.3475.

Butter was unchanged at $2.585. One load was sold at $2.59. The last unfilled bid was on two loads at $2.58. The last uncovered offer was for one load at $2.585.

Nonfat dry milk was $.0175 lower at $.8425. Three loads were sold, two at $.8425 and one at $.8475. The last unfilled bid was on one load at $.8425. The last uncovered offer was for two loads at $.85.

U.S. cheese stocks continue to grow. The USDA says the total amount of cheese in cold storage at the end of May was up 7% on the year with a new all-time high for the month at 1.340 billion pounds, with high milk production levels and heavy competition for exports pushing supplies to those new highs. American type cheese jumped 12%, Swiss stocks were 5% higher, and other types of cheese were steady. Butter stocks were up 7% on the month, but down 3% on the year at 313.575 million pounds, thanks to comparatively good demand.

The USDA says the dairy cow slaughter in May 2017 was 237,200 head with the year to date kill at 1,258,700 head.

Add Comment

Your email address will not be published.


 

Stay Up to Date

Subscribe for our newsletter today and receive relevant news straight to your inbox!