Market News

Milk futures, cash cheese higher

Class III milk futures at the Chicago Mercantile Exchange were supported by another round of positive technical momentum, along with increased demand expectations. August was $.14 higher at $16.73, September was up $.17 at $17.48, October was $.19 higher at $17.53, and November was up $.09 at $17.43.

Cash cheese blocks were $.0325 higher at $1.7875. One load was sold at $1.76. The last unfilled bid was on one load at $1.7875. Barrels were up $.115 at $1.66. Five loads were sold, including one at $1.66. The last uncovered offer was for one load at $1.70.

Butter was down $.0075 at $2.6825. Six loads were sold, including two at $2.6825 and two at $2.68. The last unfilled bid was on one load at $2.68. The last uncovered offer was for one load at $2.6875.

Nonfat dry milk was $.005 higher at $.8675. Two loads were sold at $.8675. The last unfilled bid was on one load, also at $.8675. The last uncovered offer was for one load at $.8725.

The Global Dairy Trade auction index was down 1.6% at $3,343 per ton. Butter and anhydrous milk fat were both down 4.9% and cheddar was 4.8% lower, while butter milk powder was up 0.4% and whole milk powder was 1.3% higher. The next event is scheduled for Tuesday, August 15th.