Market News

Milk futures higher, cash cheese weak

In Class III trade at the Chicago Mercantile Exchange, milk futures were higher on follow through from Friday and position squaring ahead of Tuesday’s USDA supply and demand report. April was up $.02 at $13.76, May was $.03 higher at $13.70, June was up $.01 at $13.88, and July was $.03 higher at $14.20.

Over in the spot market, cash cheese was modestly lower. Barrels were down $.0025 at $1.415 with one load sold. The last offer uncovered was for one load at $1.4275. Blocks were a quarter cent lower at $1.4175. There were two loads sold, one at the closing price and one at $1.42. The last bid unfilled was on one load at $1.4175. The last offer uncovered was for one load at $1.43.

Butter was up $.05 at $2.17. There were four loads sold, from the closing price to $2.20. The last bid unfilled was on one load at $2.15.

Nonfat dry milk was $.0075 higher at $.6975. The last bid unfilled was on one load at that price.

Cooperatives Working Together announced the acceptance of 11 requests for export assistance. That covers 1.614 million tons of Cheddar and Monterey Jack Cheese and 132,277 tons of whole milk powder from Dairy Farmers of America, Michigan Milk Producers Association, Darigold, and Tillamook County Creamery. The products are headed for Asia, the Middle East, and Central and South America. Delivery has been contracted for April through October of this year. For the year to date, CWT has assisted member cooperatives on almost 14 million pounds of American type cheeses, 7.7 million pounds of butter, and nearly 15 million pounds of whole milk powder to 14 countries on five continents.