Market News

Milk futures lower, cash dairy mostly higher

Class III milk futures at the Chicago Mercantile Exchange were down on follow through selling and supply pressure. July was $.06 lower at $15.82, August was down $.07 at $16.60, September was $.09 lower at $16.78, and October was down $.10 at $16.97.

Cash cheese blocks were $.015 lower at $1.51. 10 loads were sold, nine at $1.505 and one at $1.51. The last uncovered offer was for one load at $1.52. Barrels were $.0025 higher at $1.37. 15 loads were sold, 10 at $1.3675 and two at $1.37. The last unfilled bid was on one load at $1.3675. The last uncovered offer was for one load at $1.3725.

Butter was up $.015 at $2.64. Three loads were sold, including one at $2.64. The last unfilled bid was on two loads at $2.6375. The last uncovered offer was for one load at $2.65.

Nonfat dry milk was $.0025 higher at $.845. The last unfilled bid was on one load at $.845.

HighGround Dairy reports milk production in the United Kingdom for the week ending June 17th was down 0.5% on the year and production in France for the week ending June 18th was 1.4% lower.

The USDA says the Class II price for June 2017 is $16.15 per hundredweight, up $1.31 from May 2017, the Class III price is $16.44, $.87 higher, and the Class IV price is $15.89, an increase of $1.40.

The USDA reports cash butter for the week ending June 24th averaged $2.55 per pound, up $.096 on the week. 40 pound blocks of cheddar came out at $1.70, down $.01. 500 pound barrels averaged $1.50, down $.027. Dry whey was pegged at $.476, a decrease of $.016. Nonfat dry milk averaged $.921, $.001 higher.