Market News

Milk futures higher, cash dairy mixed

In Class III trade at the Chicago Mercantile Exchange, milk futures were supported by expectations for a seasonal decrease in production, along with a higher 2016/17 farmgate forecast from Fonterra. June was up $.26 at 412.94, July was $.17 higher at 413.29, August was up $.14 at $13.94, and September was $.21 higher at $14.68.

Over in the spot market, cash cheese was higher. Barrels were up $.0375 at $1.43. There were a total of three loads sold, including one at the closing price. The last offer uncovered was for one load at $1.45. Blocks were $.04 higher at $1.38 with one load sold.

Butter was down $.015 at $2.065. The last offer uncovered was for two loads at that price.

Nonfat dry milk was up $.01 at $.78. There were five loads sold, with four at that price. The last bid unfilled was on one load at $.75.