Market News

Milk futures, cash dairy mostly higher

Milk futures on the Chicago Mercantile Exchange closed finished the week mostly higher supported by cash trade while dairy inventories build.

June up a penny at $16.30.  July down three cents at $17.08.  August three cents lower at $17.35.  September up two cents at $17.55.  October through February contracts three to 10 cents higher.

Dry whey unchanged at $0.3425. 

Blocks up $0.0225 at $1.8250.  Two trades were made at $1.8250 and $1.8275.

Barrels up $0.0175 at $1.7375.  Twelve trades were made ranging from $1.73 to $1.7450.

Butter up $0.0025 at $2.39.  Two trades were made at $2.3850 and $2.39.  

Nonfat dry milk down $0.0050 at $1.0450.  One trade was made at $1.0475.

The USDA says the amount of cheese and butter in cold storage during May continued to see monthly increases.

Cheese stocks totaled nearly 1.4 billion pounds, up one percent on the month, a record for the end of May, and up slightly on the year.  American and other types of cheese made up most stocks and were also record amounts.

Butter inventories were up eight percent from April, but down seven percent from last year at more than 338 million pounds.