Market News

Milk futures break $18, cash dairy higher

Milk futures on the Chicago Mercantile Exchange finally edged passed the $18 market while cash markets, declining stocks, and production provide strength.

July Class III milk futures up a penny at $17.41.  August up five cents at $17.71.  September up four cents at $18.02.  October three cents lower at $17.96.  November through February contracts four to nine cents higher.

Dry whey up $0.0125 at $0.3575.  One trade was made at $0.3475.   

Blocks up $0.0025 at $1.8325.

Barrels unchanged at $1.7175.  Two trades were made at $1.71 to $1.7125. 

Butter unchanged at $2.36. 

Nonfat dry milk up $0.0075 at $1.0175.  Four trades were made ranging from $1.0125 to $1.0175. 

New Zealand export volumes during June were mostly lower than the previous month and mixed on the year.  Lactose exports were up more than 90 percent from May and 20 percent from 2018.

Weekly European dairy prices continue mostly lower on the week and the year.  Whole milk powder and German whey powder were the only categories to see gains on the week while butter prices continue to post the largest losses compared to 2018.