Market News

Milk futures, cash cheese higher

Class III milk futures at the Chicago Mercantile Exchange Tuesday were up, with contracts due for a bounce after the recent mixed to lower pattern. Also, milk collection for the New Zealand wing of the Fonterra co-op was down in September, the second month in a row with a year to year decline. October was $.04 higher at $16.80, November was up $.16 at $16.31, December was $.20 higher at $15.92, and January was up $.15 at $15.54.

Cash cheese blocks were $.005 higher at $1.72. The last unfilled bid was on one load at $1.72. Barrels were up $.0025 at $1.685. The last unfilled bid was on one load at $1.685.

Butter was $.025 higher at $2.40. Two loads were sold at $2.40. The last unfilled bid was on one load at $2.3975. The last uncovered offer was for one load at $2.40.

Nonfat dry milk was $.015 lower at $.745. One load was sold at $.745. The last unfilled bid was on one load, also at $.745.

The Global Dairy Trade auction index was down 1% from the last event at $3,204 per ton. Rennet casein dropped 8.6% and skim milk powder was down 5.6%, while anhydrous milk fat was up 5.2%. The next event scheduled for November 7th.