Market News
Milk futures, cash dairy mostly lower
Class III milk futures at the Chicago Mercantile Exchange continued to slide Tuesday pressured by increasing milk production and lower global markets.
November closed eight cents lower at $14.47. December down 20 cents at $14.46. January 25 cents lower at $14.56. February down 23 cents at $14.76. March through next October contracts closed 17 cents to a penny lower.
Blocks closed $0.07 lower at $1.34. Eight trades were made ranging from $1.34 to $1.40.
Barrels were down $0.0475 at $1.25. Four trades were made ranging from $1.25 to $1.3050.
Dry whey closed down $0.01 at $0.42. Four trades were made ranging from $0.40 to $0.4250.
Butter was down $0.0275 at $2.3025. Twenty-six trades were made ranging from $2.2875 to $2.3325.
Nonfat dry milk was up $0.0025 at $0.8875.
The Global Dairy Trade auction index in New Zealand continued its decline for the seventh straight session this week. The index dropped 3.5 percent from the last event at $2,727 per ton. Product categories were mostly lower with butter posting the largest loss, down 9.6 percent, anhydrous milk fat was close behind, down 9.4 percent, and rennet casein 4.5 percent lower. Lactose and cheddar were the only categories with slight increases, lactose up 1.1 percent, cheddar up 0.2 percent.
Add Comment