Market News

Milk futures, cash dairy mixed

Milk futures on the Chicago Mercantile Exchange picked up mixed steam Tuesday ahead of a slightly bearish cold storage report.

June Class III milk up two cents at $17.33. July up two cents at $16.48. August down 16 cents at $16.83. September 12 cents lower at $17.75. October through December contracts three to 15 cents lower.

Dry whey down $0.02 at $0.59. Two sales were made at $0.5850 and $0.59.

Blocks up $0.0025 at $1.4750.

Barrels down $0.01 at $1.47. Two trades were made from $1.4675 and $1.47.

Butter down $0.0375 at $1.7840. Eight sales were made from $1.7450 to $1.7725.

Nonfat dry milk up $0.0025 at $1.2575. Eight sales made from $1.2475 to $1.2625.

The USDA says dairy stocks are building with cheese setting a new monthly record in May.

Cheese stocks during May totaled nearly 1.5 billion pounds, up one percent on the year and the month.

Butter inventories were up four percent from the previous month and seven percent higher than last year at more than 401 million pounds.