Market News

A mixed day for milk futures and cash dairy Tuesday

Class III milk futures at the Chicago Mercantile Exchange closed mixed Tuesday.

January milk down two cents at $14.05.  February four higher at $14.34.  March unchanged at $14.93.  April milk steady at $15.40.  May through August contracts a penny lower to two cents higher Tuesday.

Barrels down $0.02 at $1.21.  Six trades were made, ranging from $1.21 to $1.2175.

Blocks down $0.0050 at $1.4175.  Two trades, $1.4125 to $1.4250.

Butter unchanged at $2.2575. 

Dry whey up $0.0050 at $0.51. 

Nonfat dry milk up $0.0025 at $1.0450.  Three trades were made, ranging from $1.0425 to $1.0450.

The Global Dairy Trade index made a significant jump Tuesday, rising 4.2%.  The average price topped $3,000 dollars a ton. 

More than half of the product sold was whole milk powder, which gained 3% selling for $2,777 a ton, or $1.25 a pound.  Roughly a quarter of Tuesday’s sales were for skim milk powder, which jumped 10.3% to $2,405 a ton, or $1.09 a pound. 

Cheddar cheese rose 4.2% to $3,504 per ton or $1.58 a pound.  The butter index rose 4.6% selling at $4,262 a ton or $1.93 a pound.  Anhydrous milk fat was up 3.2% to $5,294 a ton or $2.40 a pound.  A small amount of lactose sold, with the price up 7.9%.  Rennet casein was the only dairy product that lost ground, falling 1.4% in Tuesday’s trade.

There are two Global Trading Events each month.  The next event will be February 6^th.