Market News

Milk futures, cash cheese higher

Class III milk futures at the Chicago Mercantile Exchange continued the recent oversold bounce. April was up $.14 at $15.33, May was $.26 higher at $15.89, June was up $.18 at $16.19, and July was $.18 higher at $16.73.

Cash cheese blocks were $.065 cents higher at $1.51. There were a total of seven loads sold, ranging from $1.45 to $1.50. The last unfilled bid was on one load at $1.51. Barrels were up $.08 at $1.45. There were 18 loads sold, including one at $1.45. The last uncovered offer was for one load $1.46.

Butter held at $2.10. There was one load sold at $2.10. The last unfilled bid was on one load at $2.095. The last uncovered offer was for one load at $2.12.

Nonfat dry milk was unchanged at $.8075. The last unfilled bid was on four loads at $.79. The last uncovered offer was for one load at $.8175.

The USDA’s dairy price index for February 2017 was down 2.1% from January, but still 18% above February 2016. The all milk price was $18.50 per hundredweight, down $.40 on the month, but up $2.80 on the year. Adjusted for seasonal inflation, the all milk price was $19.30.