Market News

A little decline ahead of the long weekend

Cash cheese nudged a little higher while everything else was a little lower in the dairy markets on the Chicago Mercantile Exchange on Friday.

For the week, cash cheese barrels are down a quarter-cent, blocks lost 3 cents, butter fell 8.25 cents and nonfat dry milk is a quarter-cent higher.  Class III futures for June lost a dime, July lost a nickel, August slipped 15 cents and November fell 12 cents from a week ago.

Monthly Cold Storage Report from USDA has 1.08 billion pounds of cheese in the nation’s warehouses at the end of April.  That is 1 percent more than at the end of March and 4 percent more than April of last year.  American-type cheese inventories are up 1 percent for the month but 1 percent below year-ago levels.

Butter in storage totaled 230.4 million pounds at the end of April up 25 percent from the end of March and 23 percent above a year ago.

Milk production is at-or-near spring peak just as schools are closing and the three-day-weekend hits.  Processors are anticipating some logistics challenges over the period as tankers and tanker drivers are in tight supply.

There were 9.8 billion pounds of milk delivered into the pooled Federal orders in April, nearly 6 percent less than delivered in April of 2014.  35 percent of the milk delivered in April went into Class I utilization, 16 percent was Class II, 32 percent went Class III and 18 percent was Class IV.  The weighted average statistical uniform price was $16.22 per hundredweight up 14 cents from March but $8.72 below April of last year.

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