Market News

Milk futures, cash cheese higher

Class III milk futures at the Chicago Mercantile Exchange were supported by an oversold bounce. August was up $.20 at $16.43, September was $.44 higher at $16.94, October was up $.40 at $17.15, and November was $.24 higher at $17.08.

Cash cheese blocks were $.02 higher at $1.68. Three loads were sold, one at $1.68 and two at $1.67. The last unfilled bid was on one load at $1.66. The last uncovered offer was for one load at $1.68. Barrels were up $.0825 at $1.5925. Six loads were sold, including one at $1.5925. The last unfilled bid was on one load at $1.57.

Butter was $.01 lower at $2.65. Six loads sold, all at $2.65. The last unfilled bid was on two loads at $2.6475. The last uncovered offer was for one load at $2.655.

Nonfat dry milk was unchanged at $.85. The last unfilled bid was on one load at $.85. The last uncovered offer was for one load at $.87.

The USDA reports cash butter for the week ending August 5th averaged $2.65 per pound, down $.002 on the week. 40 pound blocks of cheddar came out at $1.68, up $.059. 500 pound barrels averaged $1.51, $.026 higher. Dry whey was pegged at $.434, $.015 lower. Nonfat dry milk averaged $.862, down $.023.

HighGround Dairy reports milk production in the United Kingdom for the week ending July 29th was up 2.1% on the year, while production in France for the week ending July 30th was down 2.3%, adding high butter demand in Europe is drawing down supplies faster than expected, which potentially opens the door for imports of U.S. butter.