Market News

Class III futures slip further

Cash cheese slipped a little more but butter and nonfat dry milk gained a little on the Chicago Mercantile Exchange on Monday.  Class III futures were lower with the July contract slipping under $16.

The average U.S. all milk price for May is $16.70 per hundredweight up 20 cents from the April price.  Sixteen of the 23 major dairy states had a higher price in May compared to April, three had a decrease and four were unchanged.

California producers had the largest increase up 60 cents from April to $16.60.  New Mexico increased 50 cents to $16.  Michigan was down 20 cents to $16 per hundredweight tying them with New Mexico for the lowest farm price in the country.  Wisconsin’s price held steady at $17.70 and Minnesota increased 40 cents to $17.80.

The U.S. all milk price for May is $7.50 below a year ago.

Cooperatives Working Together (CWT) has accepted 17 requests for export assistance from Dairy Farmers of America, Michigan Milk Producers Association, and Northwest Dairy Association (Darigold) who have contracts to sell 354,944 pounds of Cheddar, Gouda, and Monterey Jack cheese, and 2.028 million pounds of whole milk powder to customers in Asia, the Middle East, and South America. The product has been contracted for delivery in the period from June through November 2015.

Year-to-date, CWT has assisted member cooperatives who have contracts to sell 38.4 million pounds of cheese, 30.4 million pounds of butter and 22.1 million pounds of whole milk powder to twenty eight countries on five continents.