Market News

Milk futures, cash dairy mixed

Class III milk futures at the Chicago Mercantile Exchange finally moved into some positive territory Friday as traders bought back some oversold positions.

November closed three cents higher at $14.45.  December down a penny at $14.47.  January four cents higher at $14.76.  February up three cents at $14.89.  March through next October contracts closed six cents lower to a penny higher.

Barrels were unchanged at $1.3050.

Blocks closed $0.01 lower at $1.38.

Butter was unchanged at $2.1925.

Nonfat dry milk was $0.0025 higher at $0.86.  Two trades were made at $0.8550 and $0.86.

Dry whey closed down $0.0025 at $0.4350.  Three trades were made ranging from $0.4350 to $0.4375.

The USDA says cash dairy prices ended the week lower for all product categories except cheese.  In the weekly dairy recap, the agency says butter production varies by region depending on cream availability and is light in the Midwest.  Cheese makers in the Midwest are slowing production, hoping to capture post-Thanksgiving holiday discounts.  Fluid milk production continues its seasonal decline.  The USDA expects once feed supplies are gone, more Midwestern farms will exit.  Dry product prices are mixed.