Market News

Milk futures mostly higher, cash dairy mixed

Milk futures on the Chicago Mercantile ended Wednesday mostly higher while European dairy prices were up on the week.

U.S. dairy exports during February were mostly higher on the month and the year with the largest gains seen with anhydrous milk fat, up nearly 120 percent from January, and whole milk powder, up nearly 50 percent from last month.

April Class III milk down three cents at $15.92.  May up six cents at $15.69.  June up eight cents at $15.88.  July up four cents at $16.11.  August through December contracts were two to nine cents higher.

Dry whey down $0.0050 at $0.3425.  Eight trades were made ranging from $0.3425 to $0.3475.

Blocks up $0.0150 at $1.6725.  Five trades were made ranging from $1.66 to $1.6725.

Barrels down $0.0075 at $1.59.  Three trades were made ranging from $1.59 to $1.5925.

Butter up $0.01 at $2.28.  Three trades were made ranging from $2.27 to $2.2825.

Nonfat dry milk up $0.0075 at $0.9950. 

For May, the USDA has set the base Class I milk price at $16.42 per hundredweight, up $0.66 from April, with the base Class I skim price at $7.82, up $0.77.