Market News

Milk futures lower, cash dairy mixed

Milk futures on the Chicago Mercantile Exchange closed lower for the week on profit taking, technical selling, and signs contracts were overbought after the recent rally.

March Class III milk down a penny at $14.94.  April down 21 cents at $14.88.  May 22 cents lower at $15.11.  June down 20 cents at $15.44.  July through November contracts were eight to 18 cents lower.

Dry whey down $0.0025 at $0.32.   Two trades were made at $0.32 and $0.3225. 

Blocks unchanged at $1.56. 

Barrels up $0.0050 at $1.4925.  Ten trades were made ranging from $1.4875 to $1.4925.

Butter down $0.0050 at $2.28. 

Nonfat dry milk up $0.0050 at $0.9675.  Five trades were made ranging from $0.9659 to $0.9675.

The USDA says cash dairy prices ended the week higher for all product categories except barrel cheese.  In the weekly dairy recap, the agency says cream is improving as cold storage stocks build.  Midwestern cheesemakers are increasing production ahead of Easter demand.  Improving weather conditions are starting to improve cow comfort in most areas and supplies are adequate.   Nonfat dry milk prices are steady to lower with ample supplies.