Market News

Class III futures slip further

Cash cheese held steady on the Chicago Mercantile Exchange on Monday, butter slipped 2.25 cents and nonfat dry milk declined 1.25 cents. Class III futures were lower as the market reacted to Friday’s Cold Storage and January Milk Production reports.  Both reflected strong milk production and building cheese and butter inventories.

Cooperatives Working Together (CWT) has accepted 11 requests for export assistance from Bongards Creamery, Dairy Farmers of America, Northwest Dairy Association (Darigold), and Tillamook County Creamery Association to sell 2.590 million pounds of Cheddar, Gouda, and Monterey Jack cheese to customers in Asia, Central America, the Middle East, and North Africa. The product will be delivered in February through August 2015.

Year-to-date, CWT has assisted member cooperatives in selling 7.231 million pounds of cheese and 18.453 million pounds of butter to sixteen countries on four continents.