Market News

Milk futures, cash dairy mostly higher

Milk futures on the Chicago Mercantile ended Tuesday to the higher side supported by strength from cash and global markets.

The U.S. Foreign Ag Service says Japan has announced tariff-rate quotas for dairy products in 2019.  Rates have been set for natural cheese for processing, skimmed milk powder, evaporated milk, butter and butteroil, and certain whey products.

April Class III milk up six cents at $15.95.  May down two cents at $15.63.  June up six cents at $15.80.  July up two cents at $16.07.  August through December contracts were unchanged to a nickel higher.

Dry whey unchanged at $0.3475.

Blocks up $0.0075 at $1.6575.  Three trades were made ranging from $1.6550 to $1.6575.

Barrels unchanged at $1.5975. 

Butter up $0.0125 at $2.27. 

Nonfat dry milk remained unchanged at $0.9875. 

The Global Dairy Trade auction index in New Zealand continued higher for the tenth straight session.  The index increased 0.5 percent from the last event at $3,447 per ton. Anhydrous Milk Fat was up more than four percent and butter was up 3.5 percent.  Lactose was down more than three percent and rennet casein was down more than two percent.