Market News

Milk futures, cash dairy mixed

Milk futures on the Chicago Mercantile Exchange closed mixed Tuesday as traders work to find a new trading range amid strong cheese prices and growing global demand.

July Class III milk 19 cents higher at $23.44.  August down 14 cents at $21.50.  September two cents lower at $19.13.  October three cents lower at $17.97.  November through January contracts five cents lower to four cents higher.

Dry whey down $0.0250 at $0.2875.  Eight sales were made ranging from $0.2850 to $0.30.

Blocks up $0.01 at $2.71.  Two trades were made at $2.7075 and $2.71. 

Barrels unchanged at $2.37. 

Butter down $0.0075 at $1.7375.  Four trades were made ranging from $1.7350 to $1.7525.

Nonfat dry milk up $0.02 at $1.0325.  Twenty-four trades were made ranging from $1.0150 to $1.0325. 

The Global Dairy Trade auction index in New Zealand posted its largest gain since the beginning of the year again this week. The index increased 8.3 percent to $3,179 per ton. Demand for whole milk powder carried the trade, up 14 percent. Butter milk powder, skim milk powder, cheddar, and butter trades were also all at least three percent higher. Anhydrous milk fat was the only negatively traded product, down 0.2 percent.