Market News

Milk futures, cash dairy lower

In Class III trade at the Chicago Mercantile Exchange, milk futures were down on profit taking after last week’s run to new contract highs, along with position squaring ahead of the Global Dairy Trade auction. December was down $.13 at $17.03, January was $.21 lower at $16.75, February was down $.15 at $16.83, and March was $.10 lower at $16.79.

Cash cheese was lower. Blocks were down $.05 at $1.76. There were four trades, one at $1.76, one at $1.7575, and two at $1.75. The last unfilled bid was on one load at $1.76. Barrels were $.015 lower at $1.60. There were a total of eight trades, including one at $1.60 and five at $1.605. The last unfilled bid was on one load at $1.59. The last uncovered offer was for one load at $1.60.

Butter was down $.0725 at $2.1125. There were three trades, two at $2.14 and one at $2.12. The last unfilled bid was on two loads at $2.10. The last uncovered offer was for one load at $2.1125.

Nonfat dry milk was $.0175 lower at $.99. There was one load sold at $.98. The last unfilled bid was on two loads at $.99. The last uncovered offer was for two loads at $1.00.

Cooperatives Working Together granted 15 requests for export assistance covering 1.785 million pounds of Cheddar cheese headed to Asia, the Middle East, and Oceania. Delivery is scheduled for December of this year through March of next year.