Market News

Milk futures, cash dairy mixed

Milk futures on the Chicago Mercantile Exchange showed some improvement at midweek while cash markets were mixed.

November Class III milk up 12 cents at $23.15.  December 15 cents lower at $16.01.  January up four cents at $16.71.  February 11 cents higher at $16.64.  March through May contracts 10 to 16 cents higher.

Dry whey down $0.0025 at $0.42.  One trade was made at that price. 

Blocks down $0.1275 at $1.6425.  Four trades were made ranging from $1.6425 to $1.6525.

Barrels unchanged at $1.40.  Two trades were made at that price.

Butter up $0.0125 at $1.3750.  One trade was made at that price.

Nonfat dry milk up $0.0050 at $1.0875.  Seven trades were made ranging from $1.0850 to $1.09.  

The USDA has made more than $2.7 billion in combined direct milk payments to farmers through the Coronavirus Food Assistance Program.

As of November 11th, the agency has approved more 18,400 applications for the CFAP2 program, about 75 percent of the amount of applications approved for CFAP1.

Wisconsin dairy farmers represent nearly a quarter of applications and milk payments for CFAP2. 

Dairy farmers in California, New York, Michigan, and Minnesota round out the top five states for CFAP2 with more than $980.8 million made in milk payments so far.