Market News

Milk futures lower, cash dairy mixed

Milk futures on the Chicago Mercantile Exchange were again lower Wednesday as global prices continue to decline, cash markets were mixed with a very active butter trade.

August Class III milk futures unchanged at $17.61.  September down 15 cents at $17.55.  October nine cents lower at $17.62.  November down seven cents at $17.35.  December through March contracts four to six cents lower.

Dry whey up $0.0125 at $0.40.  One trade was made at that price.

Blocks down $0.0050 at $1.9050.  Two trades were made at that price.

Barrels down $0.03 at $1.68.  Six trades were made ranging from $1.68 to $1.6925. 

Butter up $0.0025 at $2.3125.  Twenty-seven trades were made ranging from $2.3075 and $2.3150.

Nonfat dry milk down unchanged at $1.0275.  

For September, the USDA has set the base Class I milk price at $17.85 per hundredweight, down $0.04 from August, with the base Class I skim price at $8.87, up $0.06.

Weekly European dairy prices were mostly unchanged but lower for the year.  Butter had the largest gains for the week and powders were down slightly.